es Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000 and semiannual interest payments. Seniannual Period-End Unamortized Premium Carrying Value $ 8,251 $ 115,251 114,426 7,426 6,601 113,601 (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transaction list Journal entry worksheet 1 2 3 Record the issuance of the bonds on January 1. Record entry Note: Enter debits before credits. Date January 01 General Journal Clear entry < Prev Debit Credit View general journal 6 of 7 Next >

es Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000 and semiannual interest payments. Seniannual Period-End Unamortized Premium Carrying Value $ 8,251 $ 115,251 114,426 7,426 6,601 113,601 (0) January 1, issuance (1) June 30, first payment (2) December 31, second payment Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. View transaction list Journal entry worksheet 1 2 3 Record the issuance of the bonds on January 1. Record entry Note: Enter debits before credits. Date January 01 General Journal Clear entry < Prev Debit Credit View general journal 6 of 7 Next >

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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Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $100,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value (0) January 1, issuance $ 6,733 $ 93,267 (1) June 30, first payment 5,891 94,109 (2) December 31, second payment 5,049 94,951 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. 1 Record the issuance of the bonds on January 1. 2 Record the first interest payment on June 30. 3 Record the second interest payment on December 31.
Enviro Company issues 10%, 10-year bonds with a par value of $300,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 12%, which implies a selling price of 88 1/2. Prepare the journal entry for the issuance of the bonds for cash on January 1. View transaction list Journal entry worksheet
On the first day of the fiscal year, a company issues a $8,500,000, 6%, 5-year bond that pays semiannual interest of $255,000 ($8,500,000 \times 6% \times (1)/(2)), receiving cash of $7,491, 128. Using straight - line amortization, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
Snap Company issues 10%, five-year bonds, on January 1 of this year, with a par value of $100,000 andsemiannual interest payments. Use the following bond amortization table and prepare journal entries torecord (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the secondinterest payment on December 31.Semiannual Period-End Unamortized Discount Carrying Value(0) January 1, issuance . $7,360 $92,640(1) June 30, first payment . . . . . . . . . . . . 6,624 93,376(2) December 31, second payment 5,888 94,112
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Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $110,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount (0) (1) (2) January 1, issuance June 30, first payment December 31, second payment $6,933 6,066 5,199 Carrying Value $103,067 103,934 104,801 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 3O. (c) The second interest payment on December 31. es View transaction list Journal entry worksheet 3 Record the issue of bonds with a par value of $110,000 cash January 1. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Prev 1 of 2 Next > 中

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Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $90,000 and semiannual interest payments. Semiannual Period-End (0) January 1, issuance (1) June 30, first payment Carrying Value $ 83,467 84,284 (2) December 31, second payment 85,101 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30.. (c) The second interest payment on December 31. View transaction list Journal entry worksheet < 1 2 3 Date January 01 Record the issuance of the bonds on January 1. Note: Enter debits before credits. Unamortized Discount $ 6,533 5,716 4,899 General Journal Debit Credit
There are 3 parts A, B, and C
Premium Amortization On the first day of the fiscal year, a company issues a $5,300,000, 10%, 6-year bond that pays semiannual interest of $265,000 ($5,300,000 x 10 % x V), receiving cash of $5,541,644. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. 000 000