ABC Company issued $10,000 of 5-year bonds, stated rate 10%, effective rate 8%, interest paid semi-annually at 108 on 1/1/00. Match the transactions with the correct entry. 1 v 2 V Cash Premium Bond Payable Interest exp Premium Bond Cash 10,800 432 68 10,000 800 10,000 500 1. The journal for issuance of the bonds. 2. 3. The journal for the first interest payment, including amortization of any discount or premium. Assuming all interest and amortization is recorded to date, journal the entry at maturity.
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- On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semi-annually. What is the journal entry to record the first payment to the bondholders?Keys Inc. issued 100 bonds with a face value of $1,000 and a rate of 8% at $1,025 each. The journal entry to record this transaction includes ________. A. a credit to Bonds Payable for $102,500 B. a credit to cash for $102,500 C. a debit to cash for $100,000 D. a credit to Premium on Bonds Payable for $2,500Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018, and received $540,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium
- Willoughby Inc. issued 100 bonds with a face value of $1,000 and a stated rate of 4% and received $105,000. What is the journal entry to record the sale of the bonds?Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment?Roo Incorporated issued 50 bonds with a face value of $1,000 and a stated rate of 6% when the market rate was 6%. What is the journal entry to record the sale of the bonds?
- Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal entry to record this transaction includes ________. A. a debit to Bonds Payable for $100,000 B. a debit to Discount on Bonds Payable for $4,000 C. a credit to cash for $96,000 D. a credit to Discount on Bonds Payable for $4,000On January 1, Pina Inc. issued $101050000, 9% bonds at 103. The journal entry to record the issuance of the bonds will include O a credit to Bonds Payable for $104081500. a credit to Interest Expense for $3031500. O a credit to Premium on Bonds Payable for $3031500. O a debit to Cash for $101050000.ABC Company issued $20,000 of 5-year bonds, stated rate 10%, effective rate 8%, interest paid semi-annually at 108 on 1/1/00. match the correct set of journal entries for The first interest payment The issuance of the bonds 1. 2. 3. 4. Cash Cash Premium Bond Payable Premium Bond Payable Interest exp Premium Cash Interest exp Premium 20,800 21,600 832 160 Cash 800 20,000 1,600 20,000 1,000 864 136 1,000
- 9. Rodriquez Corporation issued a $300,000, 9%, 8-year bond payable on January 1, 2024. Journalize the payment of the bond payable at maturity. (Give the date.) (Assume that the final payment. of interest has already been made and recorded. Record debits first, then credits. Select explanations on the last line of the journal entry) Date 2024 Jan Accounts and Explanation Debit CreditOn 1/1/20, $300,000 of 10 year, 8% bonds were issued for $262,616. The issue price was based on an effective interest rate of 10%. Interest payment dates are 6/30 and 12/31 of each year. On 1/1/21, the bonds were retired at 95. A: Journalize the issuance of the bonds on 1/1/20. B: Journalize the entries that should be made on 6/30/20 and 12/31/20 under the straight line amortization method. C: Journalize the entry that should be made on 6/30/20 under the effective interest method. (show calculations) D: Journalize the entry that should be made on 12/31/20 under the effective interest method. (show calculations) E: Journalize the retirement of the bonds on 1/1/21 (show calculations). Assume use of the effective interest method.Monty Corp. issued 1,900 S, Pvear, L000 bonds dated January 1. 2022. at face value, Iterest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatic Date Account Titles and Explanation Det Cedit Tan. 1, 2022 () Propare tme aguting oumai entry on Decemner 31, 2022, to recort interest experse. (Creit accont tities are am Dete Aont tiles ad Lulanatim Debit Credik Dee. 31, 2022 () Prepare the poumal entry on tanuary 1, 3021, ta record interest pat. (Credit account tities are automsatically anden Date KOnt Tiles and tlanation Credit Jan. 1, 2023