a) April 1, 2011, to record the issuance of bonds b) September 30, 2011, to pay interest and to amortize the bond premium c) March 31, 2031, to pay interest, amortize the bond premium, and retire the bonds at maturity

Q: On January 1, 2025, Stellar Corporation issued $540,000 of 7% bonds, due in 10 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: On January 1, 2025, Waterway Corporation issued $510,000 of 7% bonds, due in 8 years. The bonds were…

A: The bonds are reported as long term liabilities in the balance sheet. The bonds are issued at…

Q: Super Splash issues $870,000, 7% bonds on January 1, 2021, that mature in 15 years. The market…

A: Semiannual interest payment = Face value of bonds x rate of interest x no. of months/12 = $870,000 x…

Q: On January 1, 2025, Flounder Corporation issued $550,000 of 7% bonds, due in 8 years. The bonds were…

A: Journal Entries - Flounder CorporationDateAccount Title & ExplanationDebitCredit1-Jan-25Cash…

Q: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: Blossom Ltd. issued a $1,030,000, 10-year bond dated January 1, 2023. The bond was sold at 97.…

A: When bonds are issued at a discount, it means that the initial sale price of the bonds is less than…

Q: Sheridan Company issued $279,000, 9%, 15-year bonds on December 31, 2021, for $267,840. Interest is…

A: In the given question we need to prepare the journal entries for following: (a)The issuance 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: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Metro Inc. issued $200,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20…

A: Bond is financial investment securities where investors lend money to a person. Interest and…

Q: January 1, 0,000, 4%, 10-year bond that pays semiannual int 6 x 1/2 year), receiving cash of…

A: Bond investing provides a consistent income stream, capital preservation, and portfolio diversity.…

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:…

A: Bonds are debt instruments issued by organizations to raise funds to meet various requirements. The…

Q: On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market…

A: Bonds: This is just like debt for the issue of investors by the company. Bond is dependent on the…

Q: Valdez issues $450,000 of 13%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: Since there are multiple sub parts, the calculation will be given for first three sub parts. To get…

Q: Xonic Corporation issued $8.4 million of 20-year, 8 percent bonds on April 1, 2024, at 102. Interest…

A: Bonds payable is a type of instrument where by an amount is borrowed for a fixed period with fixed…

Q: Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:…

A: Bond is a form of debt used by the entity to raise money for various purposes such as operations,…

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest…

A: The question is based on the concept of the issue of securities. As per Bartleby guidelines we are…

Q: Gridley Company issued $988,000, 12%, 10-year bonds on December 31, 2014, for $928,720. Interest is…

A: Discount on bonds payable = Face value of bonds issued - selling price ofBonds  = $988,000 -…

Q: On December 31, 2018, White Company issued $400,000 of five-year, 12% bonds payable for $430,887,…

A: Premium on bonds = Issue value - Face value = $430,887 - $400,000 = $30,887

Q: Blossom Company issued $510,000 of 8%, 20-year bonds on January 1, 2027, at face value. Interest is…

A: Interest expense= Face value×Interest expenseFor issue of bonds the cash account is to be debited…

Q: 1. Compute the amount of cash Rahman Co. received on 1/1/2016. Prepare an amortization table for…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: The Kingbird Company issued $240,000 of 8% bonds on January 1, 2020. The bonds are due January 1,…

A: Bonds are the instrument by which company raises the money for a fixed interest payment as finance…

Q: Crane Company issued $310,000,6%,10-year bonds on January 1, 2022, for $333,936. This price resulted…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On January 1, 2025, Shamrock Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest…

A: Face value of bond = $ 1,900,000                             Issue price of bond = $ 1,641,812…

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, 2020, Cullumber Company issued $400,000, 10%, 10-year bonds at face value. Interest is…

A: Bonds- These are the debts of a company on which interest is payable after a fixed interval i.e.…

Q: Flamingo Inc. issued $2,000,000, 5%, 5-year bonds on January 1, 2019, at 104. Interest is payable…

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

Q: On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for…

A: A bond is a source of finance. Usually,Usually companies and governments issue bonds to the public.…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…

Q: Prepare journal entries for the following transactions.

A: Bonds are debt instruments issued by corporations, governments, or other organizations to raise…

Q: bonds, du 8 years. interest each July 1 and January 1. The effective-interest rate is 8%. Date…

A: Bonds payable is long term liability as these are issued to raise funds. When the contract rate is…

Q: On March 31, 2011, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year…

A: The bonds are issued to raise the money from the market or investors. The bonds are issued at…

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, 2025, Sweet Corporation issued $490,000 of 7% bonds, due in 8 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: On January 1, 2025, Concord Corporation issued $500,000 of 7% bonds, due in 10 years. The bonds were…

A: The bonds are issued at a premium when the interest earnings on bonds are more than the interest…