Alfred issued 9%, ten-year bonds dated January 1, 2010, with a face value of $100,000 at 102 plus accrued interest on March 1, 2010. Alfred amortizes premiums and discounts using the straight-line method. Expenses connected with the issue totaled $5,000 and were deducted in arriving at the net proceeds. The entry to record the issue would include a debit to Cash for  98,500 None of these 97,000 102,000 103,500

Q: On October 1, 2009, Violet issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: Formula: Cash received at the time of bonds issuance = Issue value of the bonds + Accrued interest…

Q: On March 1, 2016, VICO Corporation issued at 103 plus accrued interest, 1,000 of its 9%, P1,000…

A: Bonds are a form of loan or debt that is being issued by the company, on which regular interest…

Q: The Smart Company sold $500,000 of 8 percent, 20-year bonds on April 1, 2011, at 105. The semiannual…

A: The objective of the question is to calculate the interest expense for the bond interest payment on…

Q: PA6. 13.3 Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term…

A: Bonds are the highly secured debt securities which are redeemed after a certain span of time.

Q: On July 1, 2006, S. Strigel Chemical Company issued $5,000,000 face value, 10%, 10-year bonds at…

A: Given the following information: On July 1, 2006, S. Strigel Chemical Company issued $5,000,000…

Q: ABC company pays $262,500 for equipment expected to last four years and have a $30,000 salvage…

A: Journal is the recording of financial transactions according to dual entity concept.

Q: On January​ 1, 2017​, Delaney Corporation issued five​-year, 10​% bonds payable with a face value of…

A: Dear student, we can not solve more than three sub-parts of a question if a question has more than…

Q: Id Co. sold $5,230,000 of 6%, 10-year bonds at 103 on January 1, 2025. The bonds were dated January…

A: Amortization -The two very distinct financial processes that are sometimes referred to as…

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: Clark Company issued $80,000 of 10-year, 7% bonds payable on January 1, 2024. Clark Company pays…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: RHODHA Corporation was authorized to issue P3,000,000 of 12% face value bonds on April 1. 2011.…

A: Under straight-line amortization, the discount or premium on the issue of a bond is amortized…

Q: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Redemption value = face value x redemption price  = 1000000 x 96/100 = P960,000

Q: On January 1, 2006, Okon Company issued 5,000 of its 9%, P1,000 face value bonds at 95.  Interest is…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Number of bonds payable = P1,000,000P100 = 10,000

Q: Blue Spruce Corp. issues 6400, 10-year, 8%, $1000 bonds dated January 1, 2017, at 101. The journal…

A: Answer is option a)  credit to Bonds Payable for $6400000.

Q: On July 1, 2012, Beta Inc. issues $3,000,000 face value seven-year bonds with annual interest…

A: Cash Flow at the time of maturity = $3000000 Interest (Annuity) annually = $150000 Table…

Q: 3. Terry Company is authorized to issue P5,000,000 of 6%, 10- year bonds dated July 1, 2011 with…

A: Face value of bond: P5,000,000 Cash received by the company: P5,150,000 Interest rate: 6% Discount…

Q: Oak Branch Inc. issued $100,000 of 5%, 10-year bonds when the market rate was 4%. They received…

A: Given, Face value = $100,000 Coupon rate = 5% Issue price = $106,983 Market rate = 4%

Q: On January 2, 2017, $100,000 of 11%, 10-year bonds wereissued for $97,000. The $3,000 discount was…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: Determine the present value of the bonds at issuance.

A: Bond valuation is the process of finding the fair value of the bond. It means to find the present…

Q: Sciamanna Corporation issued $500,000 of 6%, 10-year bonds payable on January 1, 2022. The market…

A: The cash borrowed on January 1, 2022 would be present value of interest annuity & maturity…

Q: Jim Company issued P 4,000,000 of 8 ½%, 5- year bonds on March 1,2018. Interest payment dates are…

A: Since we answer only up to three sub-parts, we shall answer the first three. Please resubmit a new…

Q: On October 1, 2010, EEE Inc. issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: In the given case - P1000 Bonds are dated 1st July-2010. The bonds are issued on 1st October-2010…

Q: On January 1, 2016, Knorr Corporation issued $800,000 of 6%, 5-year bonds dated January 1, 2016. The…

A: A bond is a fixed pay instrument issued to represent to an advance made by a financial specialist to…

Q: On January 1, 2016, Knorr Corporation issued $1,100,000 of 9%, 5-year bonds dated January 1, 2016.…

A: Interest on Bonds = $1,000,000 x 9%= $90,000Present Value of Bonds = Interest on Bonds x PVAF(n=5,…

Q: Unrealized holding gain/(loss) in OCI for year 2014 2. Interest expense for the year ended December…

A: Unrealized holding gain/(loss) is the term used to describe a change in an investment's value that…

Q: Brand Company issued $1,000,000 face value, eight-year, 12% bonds on April 1, 2012, when the market…

A: Bond is like a debt security which is used and issued by one who borrows or owes loans from public,…

Q: Sheridan Industries, Inc. issued $17,400,000 of 8% debertures on May 1, 2024 and received cash…

A: The objective of the question is to calculate the total dollar amount of discount or premium…

Q: Danner Company sold $500,000 of 8 percent, 20-year bonds on April 1, 2014, at 105. The semiannual…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Monica Corporation has $4,000,000 of 8 percent, 25-year bonds dated May 1, 2016, with interest…

A: 1) Journal entry Date account and explanation Debit credit May 1,2011 Cash (4000000*103.5/100)…

Q: A company issues $20,000,000, 7.8%, 20-year bonds to yield an effective rate 8% on January 1, 2014.…

A: Bond Amortization refers to the payment of principal on a bond along with the interest to be paid on…

Q: Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740.  The…

A: Interest expense with the first interest payment = Carrying value of the bonds x market rate of…

Q: On January 1, 2018, Paradiso Company issued 1,000 of its 8%, $1,000 bonds at 93. Interest is payable…

A: Definition:   Bonds: Bonds are a kind of interest-bearing notes payable, usually issued by…

Q: PB6. 13.3 Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term…

A: Solution: (A).  Date General Journal Debit Credit July 1, 2018 Cash $480,000     Discount on…

Q: Patricia Johnson Company issued $420,00

A: Proceeds from issue of bonds = Face value of bonds x issue price /100= $420,000*102/100= $428,400

Q: The minimum wage in Mississippi of $725 per hour and you work 50 weeks a year, 40 hours each week.…

A: Gross wages: Earnings before taxes and other deductions are known as gross wages. The sort of job…

Q: The Reagan Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2014, at 92. The…

A: INTRODUCTION: Bonds are tradable assets that are securitized versions of corporate debt issued by…

Q: On March 1, 2006, Cain Company issued at 103 plus accrued interest 4,000 of its 9% P1,000 face value…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: On January 2, current year, Kalahari Limited issued $1,000,000, 10-year bonds for $1,150,000. The…

A: Semiannual cash payments is computed by applying coupon rate on the par value of the bonds issued.It…

Q: On January 1, 2016, Phoenix Corporation issued 10-year $200,000 bonds with a 6% stated rate of…

A: Solution- Face Value of the bonds = $200,000  Issue Price of the bonds = face value x 103% = 200,000…

Q: mpany sold $2,000,000, 4%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay…

A: When a bond is issued at a price more than its par value, it is said to be issued at a premium. When…

Q: Didde Company issues $20,000,000 face value of bonds at 96 on January 1, 2013. The bonds are dated…

A: Bonds -Corporations issue bonds, which are traded assets that are securitized. Since bonds have…