Ivanhoe Corporation has issued three different bonds during 2024. Interest is payable annually on each of these bonds. (a) Your answer is partially correct. On January 1, 2024, Ivanhoe issued 1,050, 8%, 5-year, $1,000 bonds dated January 1, 2024, at face value. Prepare the journal entry to record the bond transaction at the date of issue. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit Jan. 1 Cash Bonds Payable

Ivanhoe Corporation has issued three different bonds during 2024. Interest is payable annually on each of these bonds. (a) Your answer is partially correct. On January 1, 2024, Ivanhoe issued 1,050, 8%, 5-year, $1,000 bonds dated January 1, 2024, at face value. Prepare the journal entry to record the bond transaction at the date of issue. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit Jan. 1 Cash Bonds Payable

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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Please answer the following question. This is one question with multiple parts please answer each part correctly
Hi, I need help entering the following two journal entries. Thank you.
1. On July 1, 2018, Volunteer Inc. issued bonds with a $500,000 face value at 108.0 and the 5-year bonds have a 10% interest rate in a market with a rate of 8%. Interest is payable annually and the effective-interest method is used for amortization. Prepare journal entries for the following transactions. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For each of the following journal entries there is one account's treatment (DR or CR), that depends on whether it is a bond issued at a premium or a discount. You are to identify if it is a DR or a CR. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). July 1, 2018: to record issuing the bonds DR DR/CR ? CR June 30, 2019: to record the amortization & payment of interest to bondholders: DR DR/CR ?…
On January 1, 2024, Nurses Credit Union (NCU) issued 5%, 20-year bonds payable with face value of $300,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 104. Journalize the following bond transactions: i (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024. Accounts and Explanation Date 2024 Jan. 1 Debit Credit More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30, 2024. c. Payment of interest and amortization on December 31, 2024. d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded. Print Done X
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If u can answer please answer all points otherwise A B C is necessary
Sheffield Company issued $400,000, 12%, 10-year bonds on January 1, 2022, for $423,557. This price resulted in an effective-interest rate of 11% on the bonds. Interest is payable annually on January 1. Sheffield uses the effective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Date Jan. 1, 2022 Account Titles and Explanation Cash Premium on Bonds Payable eTextbook and Media Date Bonds Payable List of Accounts Dec. 31, 2022 Your answer is partially correct. Account Titles and Explanation Interest Expense Premium on Bonds Payable Debit Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)…
Flamingo Inc. issued $2,000,000, 5%, 5-year bonds on January 1, 2019, at 104. Interest is payable annually on December 31. Flamingo uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events.
On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for $1,104,000 plus accrued interest. The market rate of interest was 9%.The bonds pay interest semiannually on june 30 and december 31,.Green's fiscal year ends on December 31 each year. Determine the amount of accrued interest that was included in the proceeds received from the bond sale. Prepare the journal entry for the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Need answer in detail with explanation computation formulas with steps
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On January 1, 2018, Lane Unlimited issues a 9%, 10- year bonds payable with a face value of $240,000. The bonds are issued at 105 and pay interest on June 30 and December 31. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2018. I know to journalize I should use: Interest Expense Premium on Bonds Payable Cash But how do i figure out the amount of the interest expense, premium on bonds payable and cash?
Patricia Johnson Company issued $420,000 of 10%, 20-year bonds on January 1, 2025, at 102. Interest is payable semiannually on July 1 and January 1. Johnson Company uses the straight-line method of amortization for bond premium or discount. Prepare the journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) a. b. с The issuance of the bonds. The payment of interest and the related amortization on July 1, 2025. The accrual of interest and the related amortization on December 31, 2025. Date Account Titles and Explanation Debit 1000 Credit