January 1, 20x1, an entity has an outstanding note payable with carrying amount of P1,000,000. On this date, the debtor agrees to receive 10,000 shares of theentity with par value per share of P10 in full settlement of the note payable. The shares are currently selling at P75 per share. Requirements: a. Compute for the gain or loss on the derecognition of the note payable. b. Provide

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A: Price of bond is the present value of coupon payments plus present value of the par value of the…

Q: Grocery Corporation received $300,328 for 11 percent bonds issued on January 1, 2021, at a mar­ket…

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Q: Entity A has the following liabilities as of December 31, 2021.  a. Trade accounts payable, net of…

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Q: 2.) Beez Corporation purchased trading investment bonds for $53,000 at par. At December 31, Bonita…

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Q: On July 1, 20x1, Santa Co. acquires P2,000,000 face amount, 10% bonds for P2,000,000 and classifies…

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A: The zero interest-bearing notes are the ones which does not carry an interest rate which means they…

Q: .215. Gus Limited issued $32 million 7.5 percent, 5 year bonds on October 1, 2022. The market rate…

A: We can answer only first three sub-parts of the question as per guidelines.      Bond;- Bond is…

Q: On Jan. 1, 20x1, an entity has an outstanding note payable with carrying amount of P 1,000,000. On…

A: Introduction:- Notes payable is a liability account. It is a written promissory note. As per notes…

Q: Required: 1. Determine the goodwill or gain on bargain purchase from the above acquisition.

A: When one company acquired 50% of the capital and assets of another company or more is known as…

Q: On Jan. 1, 2021, Bee Co. settled a P 1,000,000 loan by issuing to the lender 10,000 shares with par…

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Q: Stellar Co. sold $1,950,000 of 12%, 10-year bonds at 106 on January 1, 2020. The bonds were dated…

A: When bonds are issued at a price more than face value, then it means they are issued at a premium.…

Q: Blossom Corporation purchased trading investment bonds for $ 53,000 at par. At December 31, Blossom…

A: Here in this question, we are required to pass entry for trading investment in bonds. Trading…

Q: On June 1, 2021, VIXEN Company received ₱1,077,200 plus accrued interest for 12% bonds with a face…

A: SOLUTION- BOND  IS A FIXED OBLIGATION TO PAY  THAT IS ISSUED BY A CORPORATION OR GOVERNMENT ENTITY…

Q: Presented below is selected information related to the financial instruments of Pronghorn Company at…

A: At reporting date all financial assets are valued at fair value.

Q: Martinez Corporation purchased trading investment bonds for $43,000 at par. At December 31, Mart…

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Q: Hey Company' investments in debt and equity securities reveals the following information: a) On…

A:

Q: On June 1, 2021, VIXEN Company received ₱1,077,200 plus accrued interest for 12% bonds with face…

A: Bonds Payable It is the amount owed to bond holders by the issuer and is a liability account

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A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: On January 1, 2018, the Apex Company exchanged some shares of common stock it had been holding as…

A: Effective annual interest rate: The effective annual interest rate is said to be the real return on…

Q: Grocery Corporation received $330,654 for 9.50 percent bonds issued on January 1, 2021, at a market…

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A: Please find the required journal entries on July 01, 2027 in step 2 below.

Q: On January​ 1, 2023, Jones Corporation issued​ $2,982,000, 9%, 5 - year bonds with interest payable…

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Q: On Jan. 1, 2021, an entity bought an investment in bonds with a face value of P3,000,000 for…

A: Bonds are debt instruments issued to raise money from the investors. When these bonds are issued at…

Q: On July 1, 2018, ABC Co. issued $6,000,000, 6%, 4-year bonds. The bonds were sold to yield an…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :) On April 30, CHIA-SEED Company issued 7,000 of 15%…

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A:

Q: On May 31, 2020, VIOLET Company issued 6% bonds with face amount of ₱4,000,000 for net proceeds of…

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Q: On January 1, 2021, the Apex Company exchanged some shares of common stock it had been holding as an…

A: 1.

Q: Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit…

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Q: On July 1, 2018, ABC Co. issued S6,000,000, 6%, 4-year bonds. The bonds were sold to yield an…

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Q: On January 1, 2021, Flour D Company acquired for P1,200,000 the entireP1,000,000 12% bond issue of…

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