A $540,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $465,000. Journalize the redemption of the bonds.If an amount box does not require an entry, leave it blank.Bonds PayableDiscount on Bonds PayableGain on Redemption of BondsCash

General Journal Debit Credit Bonds Payable $540,000 Discount on Bonds Payable $35,000 Gain…

Answered: A $540,000 bond issue on which there is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A $990,000 bond issue on which there is an unamortized premium of $67,000 is redeemed for $816,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Bonds Payable Premium on Bonds Payable Premium on Bonds Payable Gain on Redemption of Bonds Gain on Redemption of Bonds Cash Cash
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 750,000 2 Retire bonds 150,000 600,000 June 30 Issue bonds 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 33,750 2 Retire bonds 12,000 21,750 June 30 Issue bonds 30,000 51,750 Dec. 31 Amortize discount 2,625 49,125
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,500,000, 10%, 9-year bond that pays semiannual interest of $225,000 ($4,500,000 × 10% × ½), receiving cash of $3,795,809. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
Campbell, Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $40,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $42,601,480. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the interest method. b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the interest method. 3. Determine the total interest expense for 20Y1.
Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of $68,000 is redeemed for $761,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
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eBook Show Me How ly Work Journalize the bond issuance. If an amount box does not require an entry, leave it blank. gmentsessidLocator=&inprogress=false Issuing Bonds at a Discount of $1,196,745. On the first day of the fiscal year, a company issues a $1,300,000, 12%, 6-year bond that pays semiannual interest of $78,000 ($1,300,000 x 12% x 2), receiving cash 000 000 Save 0 Previous Upd. Next
Redemption of bonds payable A $2,000,000 bond issue on which there is an unamortized premium of $87,000 is redeemed for $1,960,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
A $515,000 bond issue on which there is an unamortized discount of $36,000 is redeemed for $463,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
Redemption of Bonds Payable A $880,000 bond issue on which there is an unamortized premium of $66,000 is redeemed for $805,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
What is the correct choice? A $200,000 bond issue with a carrying value of $194,000 is called at 101 and retired. The entry to record the retirement of bonds is: a. Bonds Payable 200,000 Gain on Retirement of Bonds 6,000 Cash 194,000 b. Bonds Payable 200,000 Cash 200,000 c. Bonds Payable 200,000 Loss on Retirement of Bonds 8,000 Unamortised Bond Discount 6,000 Cash 202,000 d. Bonds Payable 194,000 Loss on Retirement of Bonds 8,000 Cash…

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A $540,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $465,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Discount on Bonds Payable Gain on Redemption of Bonds Cash