Five thousand bonds with a face value of $2000 each, are sold at 106. The entry to record the issuance is 1-    Cash 10600000        Premium on Bonds Payable   600000      Bonds Payable   10000000       2-1      Cash 10000000   Premium on Bonds Payable           600000                Bonds Payable   10600000             3-    Cash 10600000               Bonds Payable

Q: A $294,000 bond was redeemed at 104 when the carrying value of the bond was $349,000. The entry to…

A: Par value of the bond = $294,000 Redemption value = $294,000 * 104% = $305.760 Carrying value of the…

Q: A $540,000 bond issue on which there is an unamortized discount of $45,000 is redeemed for $446,000.…

A: When bonds were issued on discount, company receives the face value less discount amount

Q: ABC Company issued bands with a face amount of $1,000,000 and received $1,000,000 cash. Prepare the…

A: Solution: Bond are issued by the company to obtain debt financing. Bonds carry interest rate that…

Q: The Reagan Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2014, at 92. The…

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

Q: A $505,000 bond issue on which there is an unamoritizer discount of $37,000 is redeemed for…

A: As we know that the term redemption has various utilizations in the money and business world,…

Q: 6400 bonds with a face value of $1000 each, are sold at 105. The entry to record the issuance is…

A: Bonds Payable are liabilities that are issued by the borrower to the payee. It is a promissory note…

Q: On January 1, 2025, Cowell Services issued $200,000 of 4% bonds that mature in ten years. The bonds…

A: Bonds Payable:Bonds Payable is an long term debt issued by the government and company's to raised…

Q: Bonds Payable has a balance of $1,137,000 and Discount on Bonds Payable has a balance of $13,644. If…

A: Bonds: Bonds is a long-term liability of a company where it has to repay the principal amount  along…

Q: Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich…

A: Journal Entry is CrDrCash account   $102,500To Bonds Payable account$100,000   To Premium on bonds…

Q: Medhurst Corporation issued $92,700 in bonds for $90,000. The bonds had a stated rate of 10% and pay…

A: Premium (Discount) on bonds issue = Selling price of the bonds - Face value of bonds = $90,000 -…

Q: A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The…

A: Cash proceeds = $206,948 Par value = $200,000 Premium = 206,948-200,000 = $6,948

Q: ABC Company issued $100,000 in bonds for $98,000. The bonds had a stated rate of 12% and pay…

A: The objective of the question is to determine the correct journal entry to record the first interest…

Q: Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay…

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

Q: If 70 $1000 bonds with a carrying value of $84000 are redeemed for $79000, the journal entry to…

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

Q: If $949,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is…

A: Bonds: Which are issued by corporates and governments. Bonds pay fixed rate of interest.

Q: A company issues bonds with a face value of $5,000,000 and receives cash proceeds of $5,500,000 from…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: A $500,000 bond issue on which there is an unamortized discount of $50,000 is redeemed for $475,000.…

A: Given Information:  Issue of bonds = $500,000 Unamortized discount = $50,000 Redeemed for = $475,000

Q: Medhurst Corporation issued $91,900 in bonds for $89,000. The bonds had a stated rate of 6% and pay…

A: Bonds are a form of debt or loan issued by the company, on which business has to make regular…

Q: Make a journal entry to record the issuance of a bond with a face amount of $1,000,000 sold at 98.

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: A $1,600,000 bond issue on which there is an unamortized premium of $70,500 is redeemed for…

A: The company shares, bonds, debentures, etc., will be issued to meet the capital requirement of the…

Q: Complete the following: (a) Prepare the journal entry to issue $100,000 bonds that sold for…

A: Lets undertand the basics. Bonds can be issued at par value, at discount or at premium. If bond is…

Q: balance of $1,000,000 and Discount on Bonds Payable has a balance of $10,000. If the issuing…

A: Answer : Bonds payable balance = $1,000,000 Discount on bonds payable = $10,000

Q: A $294,000 bond was redeemed at 98 when the carrying amount of the bond was $286,650. The entry to…

A: Proceeds from redemption  = $294,000 * 98/100 = $288,120

Q: On January 1, 2025, First Secure Services issued $130,000 of 10% bonds that mature in ten years.…

A: Whenever a firm issues bonds to earn cash, bonds payable are usually recorded. The corporation seems…

Q: KC Corporation issued bonds with a total par value of $100,000 on 1/1/20x1. The following loan…

A: BOND Bond is a Financial Security which is Generally Issued by the Corporations, Government &…

Q: 17. Alvin Jackson Co. issued $10,000 of bonds on January 1, 2021. The bonds pay interest…

A: As per US GAAP, Interest on financial Liability is to be booked using the amortized cost method,…

Q: A $288,000 bond was redeemed at 98 when the carrying amount of the bond was $280,800. The entry to…

A: Lets understand the basics. For calculating gain/loss on redemption of carrying value of bond, we…

Q: A$1,000,000 bond is issued on 7/1. The transaction is recorded on 7/1 by the UCF Bicycle Vending…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Ch10 A company issued 5-year, 7% bonds with a par value of $100,000. The market rate when the bonds…

A: The bonds are reported as the long-term liabilities in the balance sheet. The bonds are issued to…

Q: A $530,000 bond issue on which there is an unamortized discount of $37,000 is redeemed for $476,000.…

A: Bonds are the securities that are issued by the business entities or government to raise funds from…

Q: In January 1 20x1 abc company issued a 1000000 10 year bond with a stated interest rate of 9%…

A: Bond is a fixed instrument loan made by an investor to the borrower, usually by corporates and…

Q: Wildhorse Co. sold $3,310,000, 9%, 10-year bonds on January 1, 2025. The bonds were dated January 1,…

A: A bond is a borrowing security issued by a company to raise funds from the market by making an…

Q: 15. ABC Company Issues $100,000 of 30 year 5% bonds at 102. What entry is used to record this…

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

Q: ive thousand bonds with a face value of $2000 each, are sold at 93. The entry to record the issuance…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Superior drive ins Ltd borrowed money by issuing $5500,000 of 6% bonds payable at 93.5 on July…

A: solution : given : face value of bond       =$5500,000 coupon rate                   =6% issue price…

Q: Medhurst Corporation issued $82,900 in bonds for $80,000. The bonds had a stated rate of 6% and pay…

A: Bonds are issued by the company to meet the financial requirements of the company without losing its…

Q: Five thousand bonds with a face value of $1000 each, are sold at 91. The entry to record the…

A: Bond interest is a monthly payment provided to bondholders by a bond issuer as compensation for…

Q: Idaho Inc. issued $600,000 bonds with a stated rate of 9% when the market rate was 7%. They are…

A: Bond is financial instrument used to raise funds for financial obligations. Stated rate is where…

Q: Sheridan Company issued $6,500,000 of 6%, 10-year bonds for $5,614,000. The straight- line method of…

A: Bonds are the obligation for an entity. These are issued for raising funds from the market. These…

Q: #4.  On Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500.…

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

Q: A $485,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $472,000.…

A: Journal entry:A journal entry is simply a record of a transaction relating to business in your…

Q: Journalize the redemption of the bonds

A: Redemption of bond means discharging the liability of bond by paying off it in cash or cash…