he Colson Company issued $300.000 bonds at 98 on January 1. 2017 The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson Companyrecords straight-line amortization semiannually Prepare Colson's Journal entry for the July 1. O Interest Expense $15.000 Cash $15 00 O Interest Expense $15.000 Interest Payable $15 000 O nterest Expense Discount on Bonds Payable $15.600 $600 $15.000 Cash Interest Expense Premium on Bonds Payable $15.000 $600 Cash $15 600

he Colson Company issued $300.000 bonds at 98 on January 1. 2017 The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson Companyrecords straight-line amortization semiannually Prepare Colson's Journal entry for the July 1. O Interest Expense $15.000 Cash $15 00 O Interest Expense $15.000 Interest Payable $15 000 O nterest Expense Discount on Bonds Payable $15.600 $600 $15.000 Cash Interest Expense Premium on Bonds Payable $15.000 $600 Cash $15 600

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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The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 315,000 $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022.
On January 1,2018 always corporation issues 3200,000 5 year 12% bonds for $3,140,000. Interest is paid semi annually on January 1 and July 1. Always corporation used the straight line method of amortization. The company's fiscal year ends on December 31. The amount of discount amortized on July 1,2019 is -12,000 -60,000 -6,000 3,000
The Colson Company issued $300 000 bonds at 98 on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson company records straight-line amortization Prepare Colson's Journal entry for the January Issue. OCash $300 000 Bonds Payable $300 000 Bonds Payable Cash 5300 000 $300 000 O Cash Prentum on Bonds Payable Bonds Payabte 5306 000 Cash Discount on Bends Payablele Bonds PayablE S6 000 $300 000 $294 000 se oco 300.000
The Colson Company issued $300,000 bonds at 103 on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson Company records Straight Line amortization semiannually Prepare Colson's Journal entry for January 1 issue of bonds O Cash Premium on Bonds Payable Bonds Payable $309 000 $9.000 $300.000 O Cash $291.000 Premium on Bonds Payable $9.000 Bonds Payable O Cash Discount on Bonds Payable $9,000 Bonds Payable O Bonds Payable Premium on Bonds Payable $9.000 Cash S300 000 $291.000 $300.000 $291 000 $300.000
An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years. The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?
Aggies Inc. issued bonds with a $450,000 face value, 8% interest rate, and a 4-year term on July 1, 2018, and received $510,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 B. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 C.
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Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2017, at 103. The journal entry to record the issuance will show a debit to Premium on Bonds Payable for $144000. credit to Bonds Payable for $4800000. credit to Cash for $4944000. debit to Cash of $4800000.
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