On 2016 June 30 (a semiannual interest payment date), Holiday Rollerblade Company redeemed all of its $ 500,000 face value of 10 per cent bonds outstanding by calling them at 104. The bonds were originally issued on 2006 June 30, at 88. At the time of the redemption the Discount on Bonds payable account had a $30,000 balance. Prepare the journal entry to record the redemption of the bonds on 2016 June 30.     GENERAL JOURNAL                 POST     Date Account/Description REF. Debit Credit

Q: On January 1, 2014, Pop Corp. Issued 3,000 of its 9 %, P 1,000 bonds when the prevailing rate of…

A: Bonds are always amortized on the balance sheet to the face value on maturity. Bonds offering higher…

Q: On January 1, 2014, Blossom World issued bonds with a face value of $160,000. The bonds carry a…

A: The journal entries are very important because this is the first step where a business transaction…

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: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: On January 1, 2017, Carla Vista Company redeemed $470,000 of bonds at 103. At the time of…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Redemption value = face value x redemption price  = 1000000 x 96/100 = P960,000

Q: On January 1, 2006, Okon Company issued 5,000 of its 9%, P1,000 face value bonds at 95.  Interest is…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Number of bonds payable = P1,000,000P100 = 10,000

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: On January 1, 2018, Technicians Credit Union (TCU) issued 5%, 20-year bonds payable with face value…

A: Premium on Bonds Payable = Face value of Bonds - Issue price = $100000 - $100000*106% = $6000

Q: On January 1, 2017, Cullumber Company redeemed $490,000 of bonds at 103. At the time of redemption,…

A: Journal entry to record reacquisition of bond is as under:

Q: Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Gridley Company issued $988,000, 12%, 10-year bonds on December 31, 2014, for $928,720. Interest is…

A: Discount on bonds payable = Face value of bonds issued - selling price ofBonds  = $988,000 -…

Q: P15-1B On January 1, 2015, Weller Corp. issued $3,000,000, 9%, 5-year bonds at 97. The bonds were…

A: Par Value = $3,000,000 Coupon Rate = 9% Period = 5

Q: On January 1, 2016, Knorr Corporation issued $800,000 of 6%, 5-year bonds dated January 1, 2016. The…

A: A bond is a fixed pay instrument issued to represent to an advance made by a financial specialist to…

Q: On January 1, 2016, Knorr Corporation issued $1,100,000 of 9%, 5-year bonds dated January 1, 2016.…

A: Interest on Bonds = $1,000,000 x 9%= $90,000Present Value of Bonds = Interest on Bonds x PVAF(n=5,…

Q: Sandhill Co. sold $5,600,000, 7%, 15-year bonds on January 1, 2025. The bonds were dated January 1,…

A: Journal entry: A journal entry serves as documentation of a business's financial activities kept in…

Q: 2. Novak Analysts purchased $312,000 of its bonds on June 30, 2014, at 101 and immediately retired…

A: Journal entry represents the entry that records the financial transactions at the initial level.

Q: 12. On January 1, 2017, Milky-way Company issues $2million, 10 year, 7% bonds at 98, with interest…

A: In the above question Milky way has issued $2 million 7% bonds on January 1, 2017 on discount and…

Q: Sunland Electric sold $6,960,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The December 31, 2017, balance sheet of Ming Inc. included 12% bonds with a face amount of $107…

A: Solution: Journal entry is as under: Particulars Debit Credit Bond payable 107000000   Loss…

Q: *P15-6C Proctor Company sold $6,000,000, 9%, 20-year bonds on January 1, 2016. The bonds were dated…

A: Since you have posted multiple questions, we will provide the solutiononly to the first question as…

Q: Stone Corporation issued 2,900 7%, 5-year, P1,000 bonds dated January 1, 2017, at face value.…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: On June 30, 2017, 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 many sub-parts, we will solve three sub-parts for you. To get…

Q: Stafford Co. Issued $200,000 face value, 6%, 10-year bonds on January 1, 2017 for $172,740.  The…

A: Interest expense with the first interest payment = Carrying value of the bonds x market rate of…

Q: The Colson Company issued S300.000 bonds at 98 on January 1, 2017. The bonds are due January 1,…

A: Given information is: Face value of bonds = $300,000 Issue price = 98 per bond

Q: Want Answer

A: Now, let's take a step-by-step look at each section of these journal entries for bond transactions,…

Q: Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record…

A: Journal entries serve as the primary building blocks for financial records. Journal entries include…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

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Q: Cullumber Company issued $650,000 of 5-year, 9% bonds at 96 on January 1, 2022. The bonds pay…

A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…

Q: . Dechow, Inc., issued $250,000 of 8%, 15-year bonds at 97 on July 1, 2009. Interest is payable…

A: a.Prepare journal entry to record issuance of bonds payable and the retirement of the bonds.

Q: Prepare the appropriate journal entries for each of the following transactions in 2014. (Credit…

A: Face value = $736,000 Interest = 6% Issue price = 102

Q: Issuance of Bonds On June 30th 2015 issued a $2,000,000 25 year 7% bond for $1,920,000. Interest is…

A: Bonds are high security debt instruments that enable entity's to raise funds and capital…

Q: On June 30, 2017, ABC Co. Issued $ 6,000,000, 6%, 4-year bonds. The sold to yield an effective…

A: Issue price of the bonds = Present value of principal + Present value of interest payments where,…

Q: On March 31, 2011, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year…

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

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A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…

Q: Ivanhoe Company issued $2,900,000 of 10%, 10-year bonds on January 1, 2017, at 102. Interest is…

A:

Q: Pharoah Electric sold $5,400,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated…

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