Blossom Company received proceeds of $660000 on 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of $620000, pay interest annually on December 31, and have a call price of 102. Blossom uses the straight-line method of amortization. What is the carrying value of the bonds on December 31, 2021? $620000 $652000 $588000 $656000

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A: The bonds are issued at premium when the market rate is lower than the coupon rate of bonds payable.…

Q: On July 01, 2019, SALUDO RAW SA'YO SI MAGELLAN SABI NI LOLA CO. received P1,032,880 for P1,000,000…

A: Solution: Interest expense for the six months ended December 31, 2019 = Issue price * 10% *6/12  =…

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A: Discount on bonds payable is first calculated which is the difference of Bonds par value and the…

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A:

Q: corporation uses the straig O $34350 O $2549. O $875. O $10500.

A: Straight-line amortization of discount is a method for amortizing discount on bonds . Under the…

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A: Introduction: A bondholder is a person who invests in or owns debt instruments, which are typically…

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A: The cost of borrowing money or utilizing credit, represented as interest costs, is the compensation…

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Q: MCK Inc. purchased on January 1, 2021, $600.000. 6% bonds of Aguirre Co. for $536,621. The bonds…

A: When the issue price of a bond is lower than the face value then, it is called to be issued…

Q: 21.Refer to the information in Question No. 20. How much is the interest income for the year 2022?…

A: This post has several questions. Q21 has been answered below:

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A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

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Q: Stark Ltd sold IDR 6,200,000, 10%, 10-year bonds on January 1, 2019. The bonds were dated January i…

A: No. Date Account Titles and Explanation Debit Credit 1. January 1, 2019 Cash (IDR…

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

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A: Introduction. Premium on bonds: If the issue price is greater than face value of the bond then it is…

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A: Bonds are the debt obligations of a business on which it requires to pay regular interest to the…

Q: Sunland Home Supply Company received proceeds of $762000 on 10-year, 9% bonds issued on January 1,…

A: A firm or group may issue bonds payable as a form of long-term debt to raise capital from investors.…

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A: A firm or group may issue bonds payable as a form of long-term debt to raise capital from investors.…

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A: The bonds are the financial instruments that are issued to raise money from the market. The bonds…

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Q: On January 1, 2021, Braburt Co. sold six-year, 5% bonds with a face value of $700,000. Interest is…

A: Introduction:- A bond is a document of the bond issuer's obligation to the bondholders. Municipal…

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

Q: Crane Company issued $310,000,6%,10-year bonds on January 1, 2022, for $333,936. This price resulted…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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A: When a bond is issued at premium, the amount received excess of fair value should be recorded under…

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A:

Q: Prepare journal entries for the following transactions.

A: Bonds are issued by large organization to raise the fund. Bonds are considered as debt securities…

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A: If the financial asset is measured at amortized cost, on the subsequent reporting date, the…

Q: On January 1, 2019, Company X issued $550,000 of twenty-year bonds when a market rate was 2%. The…

A: The carrying value of a bond refers to the face value plus any unamortized premium or minus any…

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A: Time Value of Money :— According to this concept, value of money in present day is greater than the…

Q: On January​ 1, 2023, Anthony Corporation issued $500,000 of 6%, 5 - year bonds at 99, with interest…

A: The bonds are the Financial instruments that are issued to raise the money from the market or…

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Q: A company issues $15500000, 9.8%, 20-year bonds to yield 10% on January 1, 2022. Interest is paid on…

A: Bond :— It is one of the type of securities that pays fixed periodic interest and face value amount…

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

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A: Given, Face value = $164,000 Issue price = $170,000   Premium on bonds payable = $170,000 - $164,000…

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A: Amortization on bonds is the the matching the carrying value of bonds to the maturity of the bonds.…

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A: Bonds offers periodic interest and pays the principal amount at maturity. When the bonds are issued…

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

Q: Prepare a bond premium amortization schedule for the first 4 interest periods.

A: Bond :- A form of Debt instruments which is issued by Companies & Governments. It is a type of…

Q: On January 1, 2020, Joe Construction issued $350,000, 3-year bonds for $320,000. The stated rate of…

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