Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 x 8% x ½ year), receiving cash of $3,000,000. (a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.     fill in the blank 9d9394057ff7054_2 fill in the blank 9d9394057ff7054_3     fill in the blank 9d9394057ff7054_5 fill in the blank 9d9394057ff7054_6 (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.     fill in the blank 56f0d5fb403dff9_2 fill in the blank 56f0d5fb403dff9_3     fill in the blank 56f0d5fb403dff9_5 fill in the blank 56f0d5fb403dff9_6 (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.     fill in the blank 4ef800f43f9cfee_2 fill in the blank 4ef800f43f9cfee_3     fill in the blank 4ef800f43f9cfee_5 fill in the blank 4ef800f43f9cfee_6

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 fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays…

A: Bonds are a source of funds for a business as a liability. It is a form of loan where charges are…

Q: On the first day of the fiscal year, a company issues a $1,400,000, 10%, 7-year bond that pays…

A: Bond Premium is amortized can be amortized through Straight line method and Effective interest rate…

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: 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: Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on…

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 $3,500,000, 6%, five-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $326,000, 6%, 10-year bond that pays…

A: BOND IS AN INSTRUMENT OF INDEBTEDNESS OF THE BOND ISSUER TO THE HOLDER .

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: On the first day of the fiscal year, a company issues a $874,000, 9%, 10-year bond that pays…

A: A record is often kept in the general ledger, but it can also be kept in a single account,…

Q: Give me correct answer with explanation..j

A: Detailed explanation:Given : Face Value of Bonds, $ 248,000Stated Interest of Bonds 6%, paid…

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 January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $300,000, 9%, 10-year…

A: Bond is a debt security and is reported as a liability on the balance sheet of the issuer. The…

Q: On the first day of the fiscal year, a company issues a $616,000, 8%, 10-year bond that pays…

A: Cash interest = $24,640 Face value = $616,000Issue Price = $646,800Premium on issue of bond =…

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: 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: 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 January 1, the first day of the fiscal year, a company issues a…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: On January 1, the first day of the fiscal year, Designer Fabric Co. issues a $400,000, 5%, 10-year…

A: Bond is financial instruments used to raise funds to meet financial obligations of business.Bond can…

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: On the first day of the fiscal year, a company issues a $990,000, 7%, 5-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 the first day of the fiscal year, a company issues a (n) $935,000, 7%, 5-year bond that pays…

A: The objective of the question is to journalize the entry for the first interest payment and the…

Q: On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays…

A: Bonds: Bonds are financial debt instruments issued by the corporations to raise for the purposes of…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $750,000, 6%, 10-year…

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

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $700,000, 5%, 10-year…

A: The accounting equation shows the equal balance of assets side and equity& liability side, it…

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: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,200,000, 9%,…

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

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 January 1, the first day of the fiscal year, a company issues a $550,000, 8%, 10-year bond that…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

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: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

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…