Anne Corp. issued $600,000, 5% bonds.Required:Prepare the necessary journal entries to record the issuance of these bonds assuming the bondswere issued (a) at par, (b) at 102, and (c) at 92.
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| Anne Corp. issued $600,000, 5% bonds. Required: Prepare the necessary journal entries to record the issuance of these bonds assuming the bonds were issued (a) at par, (b) at 102, and (c) at 92. |
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- 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?Anne Corp. issued $600,000, 5% bonds. Required: Prepare the necessary journal entries to record the issuance of these bonds assuming the bonds were issued at 92On 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.
- An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.Grenke Corporation issues $300,000 of bonds for $315,000. a) Prepare the journal entry to record the issuance of the bonds. b) Show how the bonds would be reported on the balance sheet at the date of issuance.Assume the bonds in were issued for $644,636 and the effective-interest rate is 6%, prepare the company's journal entries
- 2. Swisher Company issued $2,000,000 of bonds on January 1, 2020. Instructions a. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 103. b. Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. c. Prepare the journal entry to record the redemption of the bonds before maturity at 98. Assume the balance in Premium on Bonds Payable is $9,000.Blanca Company has the following independent bond issuances. a.) Issues $600,000 bonds at 96. b.) Issues $700,000 bonds at 102. c.) Issues $200,000 bonds at 100. Required: 1.) Prepare the journal entries to record the bond issuances under of the independent situations.On June 30, Jameson Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000. Required: Make journal entries to record the following transactions: a. Issuance of bonds b. Payment of first semiannual interest on December 31 (record separate entry from premium amortization) Amortization by straight-line method of bond premium on December 31.
- An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.Avery Companies Ltd issued $500,000 of 6%, 5 year bonds for $521,880 on January 1, 1877, the day the bonds were dated. The market rate on this date was 5%. Interest is paid semi-annually on June 30 and December 31. The effective interest method is used to allocate the interest. Required: Note: Round all answers to the nearest dollar a. Prepare the journal entry required to record the issuance of the bond. b. Prepare the journal entries required to record the first and second interest payments.On June 30, Jamison Company issued $2,500,000 of 10-year, 9% bonds, dated June 30, for $2,580,000. Present entries to record the following transactions. Issuance of bonds. (a) Payment of first semiannual interest on December 31 (record separate entry from premium (b) amortization). (C) Amortization by straight-line method of bond premium on December 31.