Springville Inc. was created to market a new weight loss drink. Record the following entries for the year propertly classifying all items (and note that you will have four separate entries: Jan. 1  Sold 50,000 shares of $10 par value common stock at $13 per share Mar. 15 Issued a 5% note payable for $150,000. It is payable over a 3-year term in $50,000 installments every year plus interest. (You are not recording any interest at this time, just the money gained and the two different note parts) Sept. 1 Purchased (bought back) 500 shares of stock for $9 during a down turn in the market Sept. 5 Sold 200 shares of the repurchased stock for $15 per share   Account name                                       Debit Credit

Chico Company borrowed $40,000 on a four-year, 8% installment note. How will this transaction affect Chico's financial statements? Multiple Choice O O Cash and notes payable increase by $43,200 Cash and interest payable increase by $40,000 Cash and notes payable increase by $40,000 Cash and interest payable increase by $43,200

O’Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O’Halloran Inc. issued $32,000,000 of six-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of $33,546,022. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1.* 2. Journalize the entries to record the following:* a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 3. Determine the total interest expense for Year 1. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is…

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A company issues $12 million in term bonds on March 1, Year One, for face value. The bonds pay a stated cash interest rate of 10 percent per year. Interest payments are made every February 28 and August 31. On financial statements for Year One, what is recognized as interest expense on the income statements?     Responses $12,000,000 $300,000 $1,200,000 $1,000,000

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