Subject: Required information[The following information applies to the questions displayed below.]On January 1, 2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable semiannually onJune 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $419,422.If the market interest rate drops to 7% on December 31, 2025, it will cost $450,000 to retire the bonds. Record the retirement of theonds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in thest account field. Round your final answers to the nearest whole dollar.)View transaction listJournal entry worksheet<1Record the retirement of the bonds.Note: Enter debits before credits.DateDecember 31, 2025General JournalBonds PayableNotes PayableDiscount on Bonds PayableDebit450,00030,578Credit419,422>

Answer:- Journal entry:- Recording a transaction when it occurs in the books of account is known as…

2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with December 31 each year. The market interest rate on the issue date is 8 rest rate drops to 7% on December 31, 2025, it will cost $450,000 to re or 21 2025 € no entry is required for a particular transaction/event

2024, Splash City issues $450,000 of 7% bonds, due in 10 years, with December 31 each year. The market interest rate on the issue date is 8 rest rate drops to 7% on December 31, 2025, it will cost $450,000 to re or 21 2025 € no entry is required for a particular transaction/event

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...

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Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market rate of 4%. The bonds paid interest semi-annually on June 30 and Dec. 31. How much money did the company receive when the bonds were issued? The bonds would be quoted at what rate?
Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $370,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $330,493. 2. If the market interest rate drops to 6% on December 31, 2025, it will cost $370,000 to retire the bonds. Record the retirement of the bonds on December 31, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the retirement of the bonds. Note: Enter debits before credits. Date December 31, 2025 Bonds Payable Loss Record entry General Journal Discount on Bonds Payable Cash Clear entry Debit 370,000 37,537 370,000 Credit 332,463 View general journal
On January 1, 2021, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.Assuming the market interest rate on the issue date is 9%, the bonds will issue at $367,422. Exercise 9-8A Part 1 1. Complete the first three rows of an amortization table. (Round your intermediate and final answers to the nearest whole dollar.)
Required information (The following information applies to the questions displayed below) On January 1, 2021, White Water issues $420.000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 5% and the bonds issued at $472,716. 2. If the market interest rate increases to 7% on December 31, 2023, it will cost $378,629 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the retirement of the bonds Note: Enter debits before crédits. Date General Journal Debit Credit Bonds Payable December 31, 2023 Premium on Bonds Payable Gain Cash Record entry Clear entry View general journal
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Required information [The following information applies to the questions displayed below.] On January 1, 2024, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $559,229. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Answer is complete but not entirely correct. Carrying Change in Carrying Value Value Interest Expense 01/01/2024 06/30/2024 $ 42,000 $ 12/31/2024 42,000 X 44,738 $ 44,519 X 2,738 x 2,519 X $ 559,229 561,967 X 564,486 X
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! Required information [The following information applies to the questions displayed below.] On January 1, 2024, White Water issues $400,000 of 5% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $360,800. 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list No 1 2 3 View journal entry worksheet Date January 01, 2024 Cash June 30, 2024 December 31, 2024 Interest Expense Cash Interest Expense Cash General Journal Debit 360,800 Credit
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Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $460,000 of 5% bonds, due in 15 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $415,326. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. Cash Date Paid Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 12/31/2021 12/31/2022 $ $460,000 $ 27,600 $ 460,000 464,600 x 27,876x (4,600) 464,600x (4,876) 469,476 x
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $644,161. 2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022. (If no entry is required for a particula transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 Record the bond issue. Date January 01, 2021 Note: Enter debits before credits. General Journal Debit Credit
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