Novak corp. Issued $417,000,11%, 15 year bond on december 31 2021 for $404,490. Interest is payable annually on december 31.novak uses the straight line method to amortize bond or discount prepare the journal entry to record the issuance of the book
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Novak corp. Issued $417,000,11%, 15 year bond on december 31 2021 for $404,490. Interest is payable annually on december 31.novak uses the
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- Please help me with show all calculation thankuOn 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
- Cullumber Company issued $650,000 of 5-year, 9% bonds at 96 on January 1, 2022. The bonds pay interest annually. (a1) 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.) Account Titles and Explanation eTextbook and Media List of Accounts Debit CreditVolunteer Inc. issued bonds with a $550,000 face value, 12% interest rate, and a 4-year term on July 1, 2018 and received $600,000. Interest is payable annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. July 1, 2018 B. June 30, 2019 C. June 30, 2019 D. June 30, 2020 E. June 30, 2020Oriole Company issued $636,000 of 10%, 20-year bonds on January 1, 2020, at 103. Interest is payable semiannually on July 1 and January 1. Oriole 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 amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1, 2020. (c) The accrual of interest and the related amortization on December 31, 2020. Date Account Titles and Explanation 1/1/20 7/1/20 12/31/20 Debit Credit
