ACCT 102 - PRACTICE QUESTIONS (Please Do The Unanswered One if You Can't Do Both) SavedHelpAustin Corporation issues $6,000,000 of 10%, 10-year bonds, dated December 31, Year 1.The bonds are issued on April 30, Year 2, at 100 plus accrued interest. Interest on the bonds is payable semiannually each June 30 and December 31The total amount of cash received by Austin Corporation upon issuance of the bonds on April 30, Year 2, is:Multiple Choice$6,000,000.$6,200,000.$6,150,000.$6,300,000. HelpSave & Exiton April 1. Year 1, Greenway Corporation issues $20 million of 10%, 20-year bonds payable at par. Interest on the bonds is payable semiannually each April1 andOctober 1.On April 1, Year 1, the journal entry to record issuance of the bonds will include:Multiple ChoiceA credit to Interest Payable of $1,000,000.A debit to Cash of $20,000,00.A credit to Bonds Payable of $2,100,000.A debit to Cash of $21,000,00.< Prev7 of 10Next >12-29 P3/1/20241 F 6e here to search

Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Austin Corporation issues $6,000,000 of 10%, 10-year bonds, dated December 31, Year 1. The bonds are issued on April 30, Year 2, at 100 plus accrued interest. Interest on the bonds is payable semiannually each June 30 and December 31 The total amount of cash received by Austin Corporation upon issuance of the bonds on April 30, Year 2, is: Multiple Choice $6,000,000. $6,200,000. $6,150,000. $6,300,000.

Austin Corporation issues $6,000,000 of 10%, 10-year bonds, dated December 31, Year 1. The bonds are issued on April 30, Year 2, at 100 plus accrued interest. Interest on the bonds is payable semiannually each June 30 and December 31 The total amount of cash received by Austin Corporation upon issuance of the bonds on April 30, Year 2, is: Multiple Choice $6,000,000. $6,200,000. $6,150,000. $6,300,000.

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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