Your answer is correct. Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bonds Payable Cash Debit Account Titles and Explanation 1,730,000 Credit Debit 1,730,000 Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium on Bonds Payable is $9,350. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Attempts: 1 of 4 used Credit

5. Compute the price of $94,580,761 received for the bonds by using the tables shown in Present Value Tables. (Round to the nearest dollar.)     Present value of the face amount   Present value of the semiannual interest payments   Price received for the bonds

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. Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Receivable 3. Determine the total interest expense for Year 1. Round to the nearest dollar. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $23,854,460 received for the bonds by using Present value at compound interest, and Present value of an annuity. Round to the nearest dollar. Your total may vary slightly from the price given due to rounding differences. Present value of the face amount Present value of the semiannual interest payments Price received for the bonds

Enumerate the following; 32.  Provides for recognition of an equal amount of premium or discount amortization each period.      33.  Bonds that mature in one lump sum at a specified future date.      34.  Bonds that provide for conversion into some other security at the option of the stockholder.      35.  Bonds that mature in a series of installments at future dates.      36.  The difference between the face value and the sales price when bonds are sold below their face value.      37.  Bonds for which assets are pledged to guarantee repayment.      38.  Obligations that are not expected to be paid in cash within one year or the normal operating cycle.      39.  Bonds that do not bear interest but instead are sold at significant discounts providing the investor with a total interest payoff at maturity.      40.  Costs incurred by the issuer for legal services, printing and engraving, taxes, and underwriting in connection with the sale of a…

A $485,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $470,000. Required:   Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends   REVENUE 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds   EXPENSES…

Bonds Payable has a balance of $1,091,000 and Discount on Bonds Payable has a balance of $13,092. If the issuing corporation redeems the bonds at 98, what is the amount of gain or loss on redemption?

A $920,000 bond issue on which there is an unamortized premium of $65,000 is redeemed for $821,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.

A $291,000 bond was redeemed at 98 when the carrying amount of the bond was $286,635. What amount of gain or loss would be recorded as part of this transaction? Select the correct answer. loss on bond redemption of $4,365. gain on bond redemption of $5,820. gain on bond redemption of $1,455. loss on bond redemption of $1,455.

journal entries I need help with I can not understand (a)Record the bond issue (b)Record the first semiannual interest payment. (c)Record the second semiannual interest payment.

Concord Hills Ltd. issued five-year bonds with a face value of $180,000 on January 1. The bonds have a coupon interest rate of 5% and interest is paid semi-annually on June 30 and December 31. The market interest rate was 3% when the bonds were issued at a price of 109. Determine the balance in the Bonds Payable account immediately following the first interest payment. Balance in bonds payable account