Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal entry to record the issuance will show a which number and why? 1. debit to Cash of $4800000.   2. debit to Premium on Bonds Payable for $144000.   3. credit to Cash for $4944000.   4. credit to Bonds Payable for $4800000.

Q: Carla Vista Co. issues $345,000, 20-year, 9% bonds at 103. Prepare the journal entry to record the…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from lender and…

Q: Crane Inc. issues $250,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of…

A: Lets understand the basics.There are two method through which amortization of bonds are made.(1)…

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

A: Given:

Q: Oakley Company issued a $40,000, 10%, 10-year bond payable at 97 on January 1, 2024. Interest is…

A: If the issued Price is less than the face value , it will be treated as that Bonds are issued at…

Q: Cullumber Company issued $505,000, 15-year, 4% bonds at 96.   Prepare the journal entry to record…

A: Given, Cullumber Company issued $505,000, 15-year, 4% bonds at 96. Prepare the journal entry to…

Q: PA5. 13.3 Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year…

A: Under the Straight-Line Amortization Method, the premium or discount on bond is amortized equally…

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2025, at face value. Interest is…

A: The journal entries are prepared to record the transactions on regular basis. The bonds are issued…

Q: Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale…

A: The process of recording business transactions in the books of accounts for the first time is…

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: Ivanhoe Company issued $680,000 of 5-year, 8% bonds at 96 on January 1, 2022. The bonds pay interest…

A: Bonds Payable -Bonds are the notes issued by the payer to the collector. It is a promissory note…

Q: Concord Corporation issues 10, 10- year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal…

A: Given that, the corporation issued 10 bonds. value of bonds issued = $1000 issue price of bond = $98…

Q: Cheyenne Corp. issues 840, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry…

A: Cash proceeds from bonds issuance = Face value of bonds x issie price/100 = (840*$1000) x 97/100 =…

Q: Green Co. issued $400,000 of 12%, 10 year bonds on January 1 at 98. Interest is payable semiannually…

A: The bonds-are issued at discount of Rs. 2 per bond. Therefore, total cash received on issue date =…

Q: What is the two criteria be satisfied before revenue can be recognized?

A: Revenue recognition principle:    Under the revenue recognition principle, revenue and incurrence of…

Q: The Golden Company issues $518,000 of 12%, 10-year bonds at 103 on March 31, 2025. The bonds pay…

A: The objective of the question is to determine the correct journal entry to record the issuance of…

Q: Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for…

A: Bonds is a financial debt instrument that pays fixed periodic interest and face value amount at the…

Q: Concord Corporation issues 10, 10- year, 8%, $1000 bonds dated January 1, 2020, at 98. The journal…

A: Bonds worth $1000 are issued at 98% of face value. This means 2% is a discount. Concord corporation…

Q: Helen Martin Company issued $576,000 of 10%, 20-year bonds on January 1, 2025, at 103. Interest is…

A: Bond is a financial instrument which provides a fixed amount of interest to the bond holders. It is…

Q: On October 1, 2020 Sheffield Corp. issued 6%, 10-year bonds with a face value of $8010000 at 104.…

A: Formula: Premium on bonds payable = Cash received - Face value of bond

Q: What is the bonds' ANNUAL market rate of interest? % How much total CASH will the company pay for…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Swiss Inc. sold 20-year bonds with a total face amount of $401,000 and a stated rate of 7.5%. The…

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

Q: Korean Corporation issued $2 million, 10-year, 6% bonds on January 1, 2021.     1) Prepare the entry…

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

Q: Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Brazzle Inc. issued $ 200,000 face value bonds at a discount and received $ 185,000 . At the end of…

A: Net liability at year end = face value of bonds - Discount on Bonds Payable

Q: Riverbed Corp issues 940, 10-year, 8%, $1000 bonds dated January 1, 2020, at 96. The journal entry…

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

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: 20- Year 6% Bond =. $380,000  Interest Rate =6%  Interest Payable on January 1.

Q: Blue Spruce Corp. issues 6400, 10-year, 8%, $1000 bonds dated January 1, 2017, at 101. The journal…

A: Answer is option a)  credit to Bonds Payable for $6400000.

Q: Concord Corporation issued 2,700 6%, 5-year, $1,000 bonds dated January 1, 2025, at face value.…

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

Q: som Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale…

A: Bonds are debt instruments that carry the payment for interest annually and payment of face value on…

Q: 9. Powell Corporation issued a $525,000, 6%, 10-year bond payable on January 1, 2025. Journalize the…

A: Step 1: Let's first understand the definition of bonds:They are a type of long-term instrument which…

Q: On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years.…

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

Q: Monty Corp. uet 1900 S, vea. L000 bonds dated anuary 1. 2022. at face value. terest in pait each…

A: Journal entries are foundation for accounting transactions of the entity where it involves an debit…

Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January I, 2022, at face value.…

A: A journal entry is being used to record a commercial transaction in the accounting records of a…

Q: crane Corporation issued 2,100, 9%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is…

A: Cash received = 2,100 bonds x $1,000 per bond x 100% = $2,100,000

Q: In order to fulfill its financing activities, Astro Co. issued Rp 505.000,000, 12%, 10-year bonds…

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

Q: Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The…

A: The bonds are issued to raise the money from the market or investors. The bonds are issued at the…

Q: On January 1, 2020, Marigold Corp. issued $5100000, 10-year, 4% bonds at 102. Interest is payable…

A: When a bond is issued at premium, the amount received excess of fair value should be recorded under…