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: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The…

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

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: Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $40,000,000 of…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

Q: On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable…

A: Discount on Bonds payable = Face value of bonds - issue price of bonds = $200,000 - $192,462 =…

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: Wildhorse Corporation issued $300,000 of 10-year bonds at a discount. Prior to maturity, when the…

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

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: 2. On January 1, a company issued and sold a $409,000, 6%, 10-year bond payable, and received…

A: Face value of bonds$409,000Less: Proceed received on issuance of bonds$404,000Discount on bonds…

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: The Hayden Corporation issues 1,000, 10-year, 8%, $2,000 bonds dated January 1 at 92. The journal…

A: Journal: Recording of a business transaction in a chronological order.

Q: Green Co. issued $400,000 of 12%, 10 year bonds on January 1 at 98. Interest is payable semiannually…

A: The bonds-are issued at discount of Rs. 2 per bond. Therefore, total cash received on issue date =…

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: On the first day of the fiscal year, a company issues a $5,100,000, 12%, 6-year bond that pays…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: 4.  On July1, 2018, Dixon Inc. issued bonds with a $500,000 face value at 96.0 and the 5-year bonds…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: Federer Corporation issued $540,000 in bonds for $498,600. The bonds had a stated rate of 12% and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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: 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: Journalize the entry to record the issuance of the bonds.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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: The balance in the Bonds Payable account is a credit of $67,000. The balance in the Discount on…

A: Bond's carrying amount = Bonds payable - Discount on bond payables…

Q: The first day of the fiscal year, a company issues a $700,000, 6%, 10-year bond that pays semiannual…

A: Bonds are issued by the company because it is it cheaper source of finance. It is because tax…

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: 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: 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: Q1: North Company issued $80 million of 12%, 10-year bonds on January 1. Interest is paya…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

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: 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: If bonds with a face value of $208,000 are issued at 94, the amount of cash proceeds is A. $207,906…

A: Given, Face Value = $208,000 Issue Price = $94

Q: Calculate the total amount of interest expense over the life of the bonds for the following…

A: When Issue price > face value then it implies that the Bond is issued at a premium. When a bond…

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…

Q: On January 1, 2020, Marigold Corp. issued $5100000, 10-year, 4% bonds at 102. Interest is payable…

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

Q: A Redemption of bonds payable  A $1,500,000 bond issue on which there is an unaumortized discount of…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: The following information pertains to Garden Corp.’s issuance of bonds on July 1, 1998:   Face…

A:

Q: Required journal entries Total cash payment = 500000*10%*1/2 = $25, 000 Discount on bonds payable =…

A: Journal entries refers to the entries which are made at the end of the period or year and it records…

Q: A company issues bonds with a $100,000 par value, an 8% annual contract rate, semiannual interest…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Five thousand bonds with a face value of $1000 each, are sold at 109. The entry to record the…

A: In this numerical has covered the concept of Bonds Payable.

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

A: INTRODUCTION: Bonds are tradable assets that are securitized versions of corporate debt issued by…

Q: A $485,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $470,000.…

A: A bond is an interest-bearing loan instrument that is issued by the companies to raise funds for the…

Q: A $920,000 bond issue on which there is an unamortized premium of $65,000 is redeemed for $821,000.…

A: Calculate the carrying amount of bonds payable: