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Knowledge Check 01 On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds have a stated interest rate of 8% and pay interest once per year on December 31. Prepare the appropriate journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) - View transaction list View journal entry worksheet No 1 Transaction A Gain on Bond Retirement Interest Expense General Journal Debit 104,000 Credit 8,000 Ⓒ

#7 ABC Company purchased bonds with a face amount of $1200000 between interest payment dates. ABC purchased the bonds at 102, paid brokerage costs of $15800, and paid accrued interest for three months of $25800. The amount to record as the cost of this long-term investment in bonds is $1239800. $1200000. $1224000. $1265600.

Knowledge Check 01 On January 1, Year 1, Mainland, Inc., issued five year, 9% bonds with a face value of $500,000 for cash of $520,275. The bonds mature in five years and interest is payable annually on December 31. The market rate was 8% on the date the bonds were issued. The market rate rose to 11% on December 31, Year 1. Mainland uses the effective-interest amortization method. What amount of interest expense will be recognized on December 31, Year 1? (Round your answer to the nearest dollar.) Interest expense 9,000 MacBook Air F2 BO F3 F5 411 F4 F6 F7 F8 F9 & R * CO .. %24

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Knowledge Check 01 On December 31 Spearmint, Incorporated, issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. After recording the related entry, Bonds Payable had a balance of $450,000 and Premium on Bonds Payable had a balance of $11,795. Spearmint uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30 of the next year. Complete the necessary journal entry for June 30 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

On January 2, Year 1, Kampai Sushi Bar sold $800,000 of bonds for $785,000. The bonds will mature in 10 years and pay interest annually on December 31. The company properly recorded the payment of interest and the amortization of the discount using the effective interest method. What will be the carrying value of the bonds at the end of Year 1? a.$800,000 b.less than $785,000 c.$785,000 d.greater than $785,000, but less than $800,000

Subject :- Accountion

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Fill in the Blank Question Î A company issues $100,000 of 5%, 10-year bonds dated January 1. The bonds pay interest semiannually on June 30 and December 31 each year. If the bonds are sold at par value, the issuer records the sale with a debit to in the amount of $

Can you please give me correct answer the accounting question?

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