Assume a $500,000 face value bond is retired early for 98% of face value. At thetime of early retirement, the bond has a book value of $532,874. The journal entry toreflect the early retirement of this debt will include a....Credit to Discount of $32,874Debit to Premium of $32,874Credit to Premium of $32,874Debit to Discount of $32,874

The bonds refer to a debt instrument. It is generally issued by government entities or corporations.…

Answered: Assume a $500,000 face value bond 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 $650,000 bond issue on which there is an unamortized discount of $45,00, is redeemed for $600,000. What journal entry would you make to record the redemption of the bond?
BlueLtd. Issued a $1,164,000, 10-year bond dated January 1, 2020. The bond was sold to yield 12% effective interest. The bond paid 10% interest on January 1 and July 1 each year. The company's year-end was December 31, and Blue followed IFRS. Using 1 factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the amount received for the bond, and any discount or premium on the bond. Click here to view the tactor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITYOF 1 (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to 0 decimal places, e.g. 5,275.) Proceeds from sale of bond : on bond Prepare the journal entries for above transactions. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the…
please use P*R*T fomular as well. Thanks
A $920,000 bond issue on which there is an unamortized premium of $65,000 is redeemed for $821,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
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Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
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A company issued $93,000 bonds at 108. If the total interest payments during the term of the bond adds up to $70,000, then the interest expense over the bond's term will be: Type your numeric answer and submit 85560 Correct Answer: v 62560.0

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