Issuing Bonds at a PremiumOn 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.PreviousNextWodkAngieriment for Grading

The question is based on the concept of Financial Accounting.

Answered: ISsuing B0 On the first day of the…

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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Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,700,000, 9%, 9-year bond that pays semiannual interest of $391,500 ($8,700,000 × 9% × ½), receiving cash of $7,287,000. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Premium Amortization 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 2), receiving cash of $5,520,390. Journalize the first interest payment and the amortization of the related bond premium. If an amount box does not require an entry, leave it blank. 00
7b
Question Content Area On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 x 8% × 1/2), receiving cash of $884,177. Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank. blank
Discount Amortization On the first day of the fiscal year, a company issues a $9,000,000, 11%, 7-year bond that pays semiannual interest of $495,000 ($9,000,000 × 11% × ½), receiving cash of $8,188,753. 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. Interest Expense fill in the blank 2 fill in the blank 3 Discount on Bonds Payable fill in the blank 5 fill in the blank 6 Cash fill in the blank 8 fill in the blank 9
Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 11%, 5-year bond that pays semiannual interest of $484,00 ($8,800,000 x 11% x %2), receiving cash of $8,476,157. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $550,000, 10%, 10-year bond that pays semiannual interest of $27,500 ($550,000 × 10% × ½ year), receiving cash of $550,000. (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. (b) Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank. (c) Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank.
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,700,000, 7%, 10-year bond that pays semiannual interest of $304,500 ($8,700,000 × 7% × ½), receiving cash of $10,833,863. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Subject : Accounting
Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $1,600,000, 6%, 6-year bond that pays semiannual interest of $48,000 ($1,600,000 × 6% × ½), receiving cash of $1,682,063. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 日

What would be the required journal entry on the date of issuance if a company issues $100,000 five-year, 10% bond for $103,769 and the interest is to be paid semiannually? debit cash, $100,000, and credit bond payable $100,000 debit cash $103,769, and credit bond payable $100,000 and credit premium on bonds payable $3,769 debit bonds payable $103,769 and debit discount on bonds payable $3,769, and credit cash $100,000 debit cash $103,769 and debit discount on bonds payable $3,769, and credit bonds payable $100,000
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ISsuing B0 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% × ½), receiving cash of $5,520,390. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 00