A company has a $1,000,000 bond issue outstanding with unamortized premium of $10,000 and unamortized issuance cost of $5,300. What is the book value of its liability?
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- What is the book value of its liability?If the company issued RO 100,000 , 5% interest, 10-year bonds at 98 on January 1, 2021, which of the following is the correct accounting entry on the date of issuance? a. the company will record premium on bonds payable, RO 200 b. the company will record discount on bonds payable, RO 2,000 c. the company will record premium on bonds payable, RO 2,000 d. the company will record discount on bonds payable, RO 200Which of the following debt should be classified as a current liability on December 31, 2020 in the Company's balance sheet? A. $24 million of 6% bonds were issued for $24 million on May 31, 1999. The bonds mature on May 31, 2029, but bondholders have the option of calling (demanding payment on) the bonds on May 31, 2021. However, the option to call is not expected to be exercised, given prevailing market conditions. B. Blues Company borrowed $100,000 through a 7% note payable dated December 31, 2016. Interest is due annually on December 31, and the principal is due on December 31 2021. The note will be paid on December 31, 2021, with amounts Blues Company accumulated in a long-term investment fund classified as a long-term asset. a. B only. b. Neither A nor B c. A only.
- In its Dec. 31, 2020 statement of financial position, how much current liabilities should be reported? (SEE ATTACHED FOR PROBLEM) CHOICES a. P 4,000,000b. P 3,640,000c. P 3,000,000d. P 1,500,000If the Bonds Payable account has a balance of $700,000 and the Discount on Bonds Payable account has a balance of $36,000, what is the carrying value of the bonds? Carrying value of the bonds $If the bonds payable account has a balance of $100,000 and the premium on bonds payable account has a balance of $10,000, what is the carrying amount of the bonds? $110,000 $100,000 $90,000 There is no way to determine.
- On September 1, 2021, ETC Company received P1,032,880 for P1,000,000 face amount, 12% bonds, a price that yields 10%. At what amount should ETC Company report the bond liability at December 31, 2021?13. An investor purchases bonds with a face value of $100,000. Payment for thebonds includes (a) a premium (b) accrued interest rate and (c) brokeragefees. How would each of these charges be recorded and what dispositionwould ultimately be made of each of these charges??Devin Company computes the following bond interest amortization table for bonds issued on January 1, 2021. Use the information on this table to answer the questions below. Interest Cash Payment Payment Interest Decrease in Вook Date Amount Discount Value Expense $441,068 $444,310 $447,683 $451,190 $454,838 $458,631 $462,577 $466,680 $470,947 $475,385 Discount $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $360,000 $81,068 $84,310 $87,683 $91,190 $94,838 $98,631 $102,577 $106,680 $110,947 $115,385 $892,240 $807,929 $720,247 $629,056 $534,219 $435,587 $333,011 $226,331 $115,385 $0 $11,107,760 $11,192,071 $11,279,753 $11,370,944 $11,465,781 $11,564,413 $11,666,989 $11,773,669 $11,884,615 $12,000,000 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 June 30, 2023 Dec 31, 2023 June 30, 2024 Dec 31, 2024 June 30, 2025 Dec 31, 2025
- A Co. is authorized to issue P5,000,000 of 6%, 10 year bonds dated July 1, 2021 with interest payments on June 30 and December 31. When the bonds are issued on November 1, 2021, the entity received cash of P5,150,000 including accrued interest. What amount was recorded as discount or premium on bonds payable? a. 150,000 bond discount b. 50,000 bond premium c. no bond premium or discount d. 150,000 bond premiumIf bonds of $1,000,000 with unamortized discount of $10,000 are redeemed at 98, the gain on redemption of bonds is $10,000. True FalseAye Company is authorized to issue P5,000,000 of 6%, 10-year bonds dated July 1, 2021 with interest payments on June 30 and December 31. When the bonds are issued on November 1, 2021, the entity received cash of P5,150,000 including accrued interest. What is the discount or premium from the issuance of the bonds payable?
