Omega Industries has issued bonds with a face value of $1,200,000. The bonds were issued at a premium, and the unamortized premium is $34,500. The unamortized bond issuance costs are $9,750. Calculate the book value of the bonds payable.
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- On January 1, 2018, Wawatosa Inc. issued 5-year bonds with a face value of $200,000 and a stated interest rate of 12% payable semi-annually on July 1 and January 1. The bonds were sold to yield 10%. Assuming the bonds were sold at 107.732, what is the selling price of the bonds? Were they issued at a discount or a premium?The balance in the Bonds Payable account is a credit of $67,000. The balance in the Discount on Bonds Payable account is a debit of $3350. What is the bond's carrying amount?. On 1/1/21, Ehrlich Co. issued 4 year bonds with a face value of $700,000. The stated (bond) rate is 8%, payable semiannually on 1/1 and 7/1. The market rate at the time of issuance was 10%. a. Calculate the issue price of the bonds. b. Prepare the journal entry for the issuance of the bonds. c. Complete the amortization table below. Date cash paid interest expense amortization carrying value 1/1/21 7/1/21 1/1/22 7/1/22 d. Prepare the journal entries for the 7/1/21 interest payment and amortization, 12/31/21 interest accrual and amortization, and 1/1/22 interest payment. e. Prepare the journal entry for retirement of the bonds at maturity f. Assume instead that the bonds were redeemed on 7/1/22 at 102. Prepare the journal entry.
- On January 1, 2018, Technicians Credit Union (TCU) issued 5%, 20-year bonds payable with face value of $100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 106. Journalize the following bond transactions: a (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.) - X a. More Info a. Issuance of the bonds on January 1, 2018. b. Payment of interest and amortization on June 30, 2018. c. Payment of interest and amortization on December 31, 2018. d. Retirement of the bond at maturity on December 31, 2037, assuming the last interest payment has already been recorded. Print DoneKartel is planning to issue 360 bonds, each having a face amount of $1,000. Required: 1. Prepare the journal entry to record the sale of the bonds at par. Record issuance of bonds at par 2. Prepare the journal entry to record the sale of the bonds at a premium of $34,000. Record issuance of bonds at premium 3. Prepare the journal entry to record the sale of the bonds at a discount of $41,000. Record issuance of bonds at discount 4. Conceptual Connection: Assuming the stated rate is identical for the previous three scenarios, in which scenario is the market rate of interest (yield) highest? The bonds sell atOn January 2, current year, Kalahari Limited issued $1,000,000, 10-year bonds for $1,150,000. The bonds pay interest on June 30 and December 31. The stated rate is 10% and the market rate is 8%. The company plans to use the effective interest method of amortizing bond discounts and premiums. The semiannual cash payment on the bonds is
- Medhurst Corporation issued $86,100 in bonds for $83,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.a $300,000 bond was redeemed at 104 when the carrying value of the bond was $316,000. The entry to record the redemption would include aOn January 1, Year 1, Denver Company issued bonds with a face value of $87,000, a stated rate of interest of 8%, and a 5-year term to maturity. The bonds were sold at 102.5. Denver uses the straight-line method to amortize bond discounts and premiums. What is the amount of interest expense during Year 1? Multiple Choice O O O O $7,134 $6,960 $7,395 $6,525
- 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 XWaldron Inc. issued $400,000 bonds with a stated rate of 7% when the market rate was 5%. They are 3-year bonds with interest to be paid annually. Prepare a table to amortize the premium of the bonds. Assume that the bonds were issued for $421,844.A bond originally purchased for $1,000 is listed in the financial press with a quoted price of 96.5. What does this state about the bond? The company’s bonds payable liability is now 96.5% of the original liability. The bond face value and interest are now 96.5% of the original issue price. The face value of the bond is now 96.5% of the original issue or $965. The current selling price of the bond is 96.5% of the face value, which is $965.