Calculate the value of the bond at the time of issuance, and record the initial journal entry. Assuming that Highland has a June 30 year end, provide any additional required entries (other than in part a) until June 30, 2022

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A: If the issued Price is less than the face value , it will be treated as that Bonds are issued at…

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A: Answer:-  Journal entry:- Journal entry is very much important for the business entities to record…

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A: As per the Honor code of Bartleby we are bound to give the answer of first three sub part only,…

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A:

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Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

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Q: On January 1, 2019, Castle Services issued $177,000 of six-year, 12% bonds when the market interest…

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

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A:

Q: Microsoft Technologies issued $580,000 of 6%, 10-year bonds at par value on October 31, 2020 that…

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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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A: Bonds payable refer to financial instruments which can be issued to raise capital. Bonds are issued…

Q: On January 1, 2020, Cullumber Corporation issued $840,000, 7%, 10-year bonds at face value. Interest…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

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A: Bonds Payable is documentary evidence given by the payer to the payee This act as a promissory note…

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A: Please note: Since you have posted a question with multiple sub-part, we will solve the first three…

Q: On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January…

A: Bond is the debt security that investors uses to reduce the risk and increase stable return from…

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Q: On January​ 1, 2018​,  Lane Unlimited issues 15​%, 10​-year bonds payable with a face value of…

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Q: On January 1, 2019, Booth Sales issues $10,000 in bonds for $10,900. These are 5-year bonds with a…

A: Semiannual interest payment = Face value of bonds * Annual stated rate * 6/12 Semiannual premium…

Q: On January 1, 2020, Swifty Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

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A: Bonds- These are the debts of a company on which interest is payable after a fixed interval i.e.…