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Kingbird Corporation issued $460,000, 8%, 20-year bonds on January 1, 2022, for $418,008. This price resulted in an effective- interest rate of 9% on the bonds. Interest is payable annually on January 1. Kingbird uses the effective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Jan. 1, 2022 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Debit 418008 41992 Credit 460000

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On January 1, 2021, Madison Products issued $70 million of 6%, 10-year convertible bonds at a net price of $70.9 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2023. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. In this question, combine the discount on the bonds with the face amount, and record the net amount as bonds payable. This is the "net method." When the net method is used, the discount (or premium) is amortized directly to the bonds…

Blue Spruce Corporation issued $440,000, 6%, 20-year bonds on January 1, 2022, for $393.386. This price resulted in an effective interest rate of 7% on the bonds. Interest is payable annually on January 1. Blue Spruce uses the etfective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount s entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1. 2022 Cash Dicntn Bonds Payable 46614 440000 lon Ple eTextbook and Media

The Gonzalez Group issued $900,000 of 11% bonds on June 30, 2024, for $977,220. • The bonds were dated on June 30 and mature on June 30, 2044 (20 years). • The market yield for bonds of similar risk and maturity is 10%. • Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, Interest on Dec and interest on June 30, 2025 (at the effective rate). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 3 < 1 2 Record the issuance of the bond on June 30, 2024. Note: Enter debits before credits. Date June 30, 2024 Cash General Journali Bonds payable Premium on bonds payable Debit 977,220 Credit 900,000 77,220 Prev D 3 of 11 www www Next

On January 1, 2021, Madison Products issued $70 million of 6%, 10-year convertible bonds at a net price of $70.9 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2023, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2023. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. In this question, combine the discount on the bonds with the face amount, and record the net amount as bonds payable. This is the "net method." When the net method is used, the discount (or premium) is amortized directly to the bonds…

Entries for bond (held-to-maturity) investments The following bond investment transactions were completed by Starks Company: Jan. 31 Purchased 51, $1,000 government bonds at 100 plus accrued interest of $255 (1 month). The bonds pay 6% annual interest on July 1 and January 1. July 1 Aug. 30 Received semiannual interest on bond investment. Sold 21, $1,000 bonds at 96 plus $210 accrued interest (2 months). a. Journalize the entries for these transactions. Assume a 360-day year. Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Jan. 31 Investments-Government Bonds Interest Receivable Cash July 1 Cash Interest Receivable Interest Revenue Aug. 30 Cash - V Interest Revenue DV Investments Government Bonds Feedback ✓ 000 000 000 000 0000 0000 I

View Policies Show Attempt History Current Attempt in Progress Concord Corporation sold $2.300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a)

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Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Loan amount Annual interest rate Number of years December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Required: 1. Use your spreadsheet to recalculate the amortization table amounts and enter your revised results for the years indicated. Assume the bonds were issued on January 1. Note: Round your answers to 2 decimal places. No 1 Date 2 $ 465,000 3 8% $ 4 X Answer is not complete. Cash Paid 140,393.17 140,393.17 140,393.17 $ 140,393.17 $ 2. Prepare the journal entries to record the issuance of the note and the first two annual payments. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places. Date January 01, 2021 Cash Notes Payable Carrying Value December 31, 201 Notes Payable Interest Expense Cash 361,806.83 250,358.21 X 129.993.70 x > Answer is complete…

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Requirements1. Journalize the following transactions of Laporte Communications, Inc.: 2. At December 31, 2018, after all year-end adjustments have been made, determine thecarrying amount of Laporte’s bonds payable, net. 3. For the six months ended July 1, 2018, determine the following for Laporte:a. Interest expenseb. Cash interest paidWhat causes interest expense on the bonds to exceed cash interest paid?

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Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Note           Date              Principal Amount       Interest rate           term           April 1             $6000                           7%                      1 year           Sept 30           $12000                         6%                       6 month           Sept 19           $18000                          8%                      90 days Requirements Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.