amortizatlon LO P3 Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End January 1, issuance June 30, first payment December 31, second payment Unamortized Premium $8, 291 7,462 6,633 Carrying Value $117, 291 () (1) (2) 116,462 115,633 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transacfion list Journal entry worksheet 3 Record the issuance of the bonds on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01

amortizatlon LO P3 Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End January 1, issuance June 30, first payment December 31, second payment Unamortized Premium $8, 291 7,462 6,633 Carrying Value $117, 291 () (1) (2) 116,462 115,633 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transacfion list Journal entry worksheet 3 Record the issuance of the bonds on January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

vnt.1
None
Do not give image format
x Premium Amortization On the first day of the fiscal year, a company issues a $8,500,000, 9%, 10-year bond that pays semiannual interest of $382,500 ($8,500,000 × 9% × ½), receiving cash of $9,077,589. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense fill in the blank fill in the blank Premium on Bonds Payable fill in the blank fill in the blank Cash
Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $110,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount (0) (1) (2) January 1, issuance June 30, first payment December 31, second payment $6,933 6,066 5,199 Carrying Value $103,067 103,934 104,801 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 3O. (c) The second interest payment on December 31. es View transaction list Journal entry worksheet 3 Record the issue of bonds with a par value of $110,000 cash January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Prev 1 of 2 Next > 中

Question Content Area Oak Branch Inc. issued $860,000 of 7%, 10-year bonds when the market rate was 6%. They received $923,988. Interest was paid semi-annually. Prepare an amortization table for the first three years of the bonds. Round intermediate and final answers to whole dollar amount. Cash InterestPayment Interest onCarrying Value Amortization ofPremium Carrying Value Jan. 1, Year 1 $fill in the blank 1 June 30, Year 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 fill in the blank 5 Dec. 31, Year 1 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 June 30, Year 2 fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13 Dec. 31, Year 2 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 June 30, Year 3 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the…
None
Chp 10
9
Question 16
Exercise 10-5 (Algo) Straight-Line: Recording bond issuance and discount amortization LO P2 Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $90,000 and semiannual interest payments. Semiannual Period-End (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment Unamortized Discount $ 6,533 5,716 4,899 Carrying Value $ 83,467 84,284 85,101 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transaction list Journal entry worksheet 1 2 3 Record the issuance of the bonds on January 1. Note: Enter debits before credits. Date January 01 General Journal Debit Credit
Exercise 14-5 (Algo) Straight-Line: Recording bond issuance and discount amortization LO P2 Paulson Company issues 8%, four-year bonds, on January 1 of this year, with a par value of $103,000 and semiannual interest payments. Semiannual Period-End (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment Use the above straight-line bond amortization table and prepare journal entries for the following. Unamortized Discount $ 6,793 (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. Carrying Value $ 96,207 97,056 97,905 5,944 5,095