eBook Show Me How ator=&inprogress=false Upd. Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $1,300,000, 12%, 6-year bond that pays semiannual interest of $78,000 ($1,300,000 x 12% x 2), receiving cash of $1,196,745. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

eBook Show Me How ator=&inprogress=false Upd. Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $1,300,000, 12%, 6-year bond that pays semiannual interest of $78,000 ($1,300,000 x 12% x 2), receiving cash of $1,196,745. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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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5 0 V File C13 123456 7 89 Home 18 19 20 Insert Arial X ✓ fx Face amount of bonds Contract rate of interest Draw Term of bonds, years Market rate of interest Interest payment Page Layout く 10 Formulas DATA B ✓ ✓ V Data A B C Compute bond proceeds, amortizing discount by interest method, and interest expense Av $80,000,000 9% 5 11% Semiannual Review Amount ... View Ev ab ≡く D Using formulas and cell references, perform the required analysis, and input your answers into the Amount column. Transfer the numeric results for the green entry cells (C13:C16) into the appropriate fields in CNOWv2 10 for gradina. 11 12 13 a. PV of cash proceeds 14 b. Discount amortized for the 1st interest payment period 15 c. Discount amortized for the 2nd interest payment period 16 d. Interest expense for the 1st year 17 Help Formulas Editing ✓ Currency E $ 500 ✓ C →>>
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eBook On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $910 for $85,800. The bonds had a stated rate of 5% and paid interest semiannually. What is the journal entry to record the first payment to the bondholders? If an amount box does not require an entry, leave it blank.
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Compute bond proceeds, amortizing discount by interest method, and interest expense Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 11%, with interest payable semiannually. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Compute the following: a. The amount of cash proceeds from the sale of the bonds. Round your answer to the nearest dollar. $ b. The amount of discount to be amortized for the first semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. $ 73,969,806 X $ c. The amount of discount to be amortized for the second semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. 468,339 X $ 442,581 X d. The amount of the bond…
On January 1, Year 1, Price Company issued $291,000 of five-year, 5 percent bonds at 98. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bonds. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 x 8% x ½), receiving cash of $5,520,390. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Previous Next Wodk Angieriment for Grading
eBook Show Me How A Calculator Print Item Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Danzer Industries Inc. issued $6,600,000 of 9-year, 10% bonds at a market (effective) interest rate of 12%, receiving cash of $5,885,352. Interest on the bonds is payable semiannually, on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds fram the issuance of the bonds on July 1, Year 1. If an amount box does not require an entry, leave it blank. Cash Discount on Bonds Payable Bonds Payable 2. Journalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. (Round your answer to the nearest dollar.) Feedbeck Check My Work ( Previous 8:45 AM 3/28/2020 00 00 00 00