Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 9%, 10-year bond that pays semiannual interest of $369,000 ($8,200,000 × 9% × ½), receiving cash of $7,689,049. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.   Cash  fill in the blank  fill in the blank    Discount on Bonds Payable  fill in the blank  fill in the blank    Bonds Payable  fill in the blank  fill in the blank

Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: Given:

Q: On the first day of the fiscal year, a company issues a $4,800,000, 9%, 6-year bond that pays…

A: Formula: Interest expense = Bond face value x Interest rate x Time periods

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: On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays…

A: Excess of issue price over the face value of the bond is Premium on Bonds Payable.   In the given…

Q: Issuing bonds at a premium On the first day of the fiscal year, a company issues a $6,000,000, 6%,…

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

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 6%,…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays…

A: The bonds are the financial instruments used to raise the money from the investors.

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $950,000, 8%, 10-year…

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

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,500,000,…

A: Bonds: To raise the funds and finance the operations of the company, money is borrowed from the…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

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

Q: On the first day of the fiscal year, a company issues a $8,000,000, 9%, 10-year bond that pays…

A: Bonds are kinds of loan with regular interest payment and mature after certain period  of times.

Q: On the first day of the fiscal year, a company issues a $4,600,000, 10%, 8-year bond that pays…

A: Premium on bonds payable = Issue price - face value of bonds = 5434494-4600000 = $834,494

Q: Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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

Q: On the first day of the fiscal year, a company issues a $2,050,000, 9%, five-year bond that pays…

A: Bond: It is  long-term financial instrument issued by a company. Interest is paid to bond holders…

Q: ssuing Bonds at a Discount 1. On the first day of the fiscal year, a company issues a $8,200,000,…

A: A bond issued on discount:-When a company issue a bond less than its par value is known as a bond…

Q: Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay…

A: The bonds are issued on discount when market rate is greater than the stated rate of interest.

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Journal entries are used to record entries in chronological order for a business.

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,700,000, 6%,…

A: Journal entry to record the issuance of bonds: Date Account Titles Debit ($) Credit ($) xxx…

Q: QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that…

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

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% ,…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: On the first day of the fiscal year, a company issues a $4,200,000, 10%, five-year bond that pays…

A: Bonds are issued by the company for raising finance. It can be issued at a discount or at a premium.…

Q: On the first day of the fiscal year, a company issues a $8,700,000, 6%, 6-year bond that pays…

A: Bonds Payable is a long-term liabilities issued by the borrower. This document carries a fixed term…

Q: On the first day of the fiscal year, a company issues an $800,000, 6%, 5-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays…

A: Discount on Bonds Payable = Face value of the bonds - Issue value of the bonds = $1,450,000 -…

Q: On the first day of the fiscal year, a company issues a $4,000,000, 9%, 10-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: On January 1, the first day of the fiscal year, a company issues a $1,800,000, 4% , five-year bond…

A: When the issue price of the bonds is more than the face value of the bonds the bonds are issued at…

Q: On the first day of the fiscal year, a company issues a $7,500,000, 6%, 8-year bond that pays…

A: Bonds are issued at a discount when market interest rate is higher than stated rate. Bonds are…

Q: On the first day of the fiscal year, a company issues a $4,500,000, 10%, 9-year bond that pays…

A: Here in this question, we are required make entry for bond issued at discount. Bond is knowing to be…

Q: Issuing bonds at a discountOn the first day of the fiscal year, a company issues a $3,500,000, 6%…

A: Premium (discount) on bonds issue =   Issue value - face value of bonds = $3,350,000 - $3,500,000 =…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $250,000, 10%, 10-year…

A: A bond is a liability on which a specific percentage of interest has to be paid over the maturity of…

Q: On the first day of the fiscal year, a company issues a $3,900,000, 8%, 7-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: Issuing Bonds at a Premium On the first day of the fiscal year, a company issues a $8,400,000, 6%,…

A: The bonds are the Financial instruments that are issued to raise the money from the market or…

Q: On the first day of the fiscal year, a company issues a $4,900,000, 6%, 6-year bond that pays…

A: Discount on bonds issue = Face value of bonds - issue price =  $4,900,000 - $4,440,130 = $459,870

Q: ssuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,700,000, 9%,…

A: