Sunland Electric sold $5,615,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 96.             (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 enter an account title for the journal entry on January 1, 2020   enter a debit amount   enter a credit amount     enter an account title for the journal entry on January 1, 2020   enter a debit amount   enter a credit amount     enter an account title for the journal entry on January 1, 2020   enter a debit amount   enter a credit amount

Q: On January 1, 2021, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds…

A: Requirement 1:

Q: Bramble Company issued $ 708,000 of  9%, 20-year bonds on January 1, 2020, at  101. Interest is…

A: Bonds are a form of loan or liability taken by the business, on which regular interest payments…

Q: On June 1, 2020, Bramble Corp. issued $8,320,000, 6% bonds for $8,154,640, which includes accrued…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Proceeds from issue of bonds = Face value of bonds x issue price /100 = $648000*104/100 = $673920

Q: ) On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Solution: When bonds are redeemed before maturity date, difference between carrying value and…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Bonds are issued at a face value of $864,000.

Q: Deleau Equipment Ltd. issued 11%, five-year bonds with a face value of $80,240,000 on October 1,…

A: Bonds payable is the liability for an entity. These are securities that are issued for the purpose…

Q: On June 30, 2020, Blossom Limited issued $2 million of 20-year, 13% bonds for $2,320,916, which…

A: The bonds payable are issued at premium when market rate is less than the coupon rate of bonds…

Q: On January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. The bond interest is…

A: SOLUTION INTEREST EXPENSE TO BE RECOGNIZED FOR 6 MONTHS = BONDS BOOK VALUE AT THE BEGINNING OF THE…

Q: On January 1, 2020, Skysong Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: issued $630,000, 9%, 5-year bonds at face value.

A: Journal entries refers to the act of making transactions in the form of either economic or…

Q: On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at…

A: Bond's issued at more than face value are said to be bonds issued at premium.

Q: On January 1, 2020, Stellar Corporation issued $590,000 of 9% bonds, due in 8 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: (a) Sandra Corporation purchased $780,000 of its bonds on June 30, 2020, value of the bonds on the…

A: a) Journal Entry     Debit$ Credit$ Bond payable 780,000   Loss on bond redemption (…

Q: Bryan Company issued $780,000 of 8% face value bonds on January 1, 2019, for $763,800. The bonds are…

A:

Q: On January 1, 2020, Riverbed Corporation redeemed $400,000 of bonds at 96. At the time of…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Ivanhoe Company issued $456,000 of 10%, 20-year bonds on January 1, 2020, at 101. Interest is…

A: When a bond is issued at a premium, that means that the bond is sold for an amount greater than the…

Q: On January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. Thebond interest is…

A: The correct option is option “d”.

Q: Hill Corporation issued $1,200,000 of 7% bonds at 99 on January 2, 2019. Interest is paid…

A: Reacquisition of a bond refers to the repayment of the amount borrowed by issuing the bonds in the…

Q: On October 1, 2019, Ball Company issued 6% bonds dated October 1, 2019, with a face amount of…

A: The procedure of entering commercial transactions for the first time in the books of accounts is…

Q: On March 1, 2021, Baddour, Inc., issued 10% bonds, dated January 1, with a face amount of $160…

A: 1. Determine the amount(s) related to the bonds Baddour would report in its balance sheet at…

Q: Marigold, Inc., purchased $372,000 of its bonds at 95 on June 30, 2020, and immediately retired…

A: Bond's Payable = $372,000 Discount On Bond's Payable = $372,000 — $360,000 = $12,000   Cash =…

Q: On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of…

A: Prepare the amortization table for Ironman Steel\'s bonds:

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Introduction: On January 1, 2020, Sheffield Company issued $648,000 of 10 percent, 20-year bonds at…

Q: Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest…

A: Effective Interest rate refers to the compounded interest rate that the bond holder actually pays as…

Q: On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 103. Interest is paid…

A: A bond refers to the instrument which is issued by the government to borrow money when needed. It is…

Q: Sterling Company issued $100,000 of its 8%, five-year bonds on January 1, 2017, at 98. Interest is…

A: Compute cash interest on the bonds up to April 1, 2019 as shown below:

Q: On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on…

A: Bonds are instruments acknowledging the debt due from one person to another person to be paid on…

Q: On January 1, 2021, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable…

A: In this question we have been asked to calculate the carrying value of the bond, for which we have…

Q: On July 31, 2018, Snowday Corporation issued $100,000, 5%, 20-year bonds for $88,443 when the market…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On January 1, 2020, Swifty Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: On January​ 1, 2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 1, 2020, Grouper Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: n July 31, 2021, Sheridan Inc. issued $430,000 of 5-year, 4% bonds at 104. Interest is payable…

A: To begin, preserving detailed records of your transactions helps to organize the data in your…

Q: On October 1, 2019, Ball Company issued 9% bonds dated October 1, 2019, with a face amount of…

A: Journal is the book of original entry in which all the transactions relating to the business are…

Q: Kingbird, Inc. issued $430,000 of 5-year, 7% bonds at 97 on January 1, 2020. The bonds pay interest…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Nates corporation issued $1,500,000 of 11% of bonds at 97 on Jan 2,2019. Interest is paid…

A: Bond is an investment security which provides a regular interest income at fixed rate to the bond…

Q: (a) Novak Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated…

A: Bond discount is the amount by which the selling price (or issue price or market price) of the bond…

Q: At January 1, 2020, Konerko Corp. issued $40,000,000 of 6%, 12-year bonds that paid interest…

A: Bonds: It is also known as fixed-income security, is a debt instrument created for the purpose of…

Q: On January 1, 2018, Nebal Manufacturing Corporation issued $5,000,000, 10%, 6-year bonds dated…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1, 2017, at…

A: GIVEN   On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1,…

Q: Oriole SpA issued €400,000, 7%, 20-year bonds on January 1, 2020, for €360,727. This price resulted…

A: Bonds are a form of liability for the business, on which regular interest payments needs to be made…

Q: The Sleepy Corporation issued $1,000,000 of ten year bonds on January 1, 2019. The interest rate on…

A: The Bonds are issued at premium when market rate is lower than the coupon rate of bonds.

Q: On January 1, 2020, Trapp Enterprises issued 9%, 10-year bonds with a face amount of $900,000 at 96.…

A: Please find below the entries -

Q: Prepare the corporation’s journal entry to record the reacquisition of the bonds.

A: Cash disbursements to redeem the bonds: = No. of Bonds x Redemption price Gain on the redemption of…

Q: On January 1, 2020, Martinez Corporation issued $570,000 of 9% bonds, due in 8 years. The bonds were…

A: Premium on bonds payable = $603,210 - $570,000 Premium on bonds payable = $33,210

Q: January 1, 2021, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2021, at…

A: Bonds are debt instruments raised to get fund with fixed rate of interest.  Here interest rate is 8℅…

Q: On January 1, 2018, loren inc. issued $2,000,000, 9%, 5-year bonds dated January 1, 2018, at…

A: Journal Entry - It is record of every business transaction in day to day life for a particular…