On December 31, 2019, Spearmint, Inc, issued $450,000 of 9 percent, 3-year bonds for cash of 461,795. After recording the related entry, Bonds Payable had a balance of $450,000 and Premium on Bonds Payable had a balance of $11,795. Spearmint uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30, 2020. Complete the necessary journal entry for June 30,2020.

Q: On January 1, 2020, the Rangler Company issued $600,000 of eight-year bonds at 102. The stated…

A: Cash(600000*102/100) Dr $612000 Bond payable  Cr                      $600000 Premium on issue   Cr.…

Q: Chowan Corporation issued $198,000 of 8% bonds dated January 1, 2019, for $191,470.07 on January 1,…

A: Discount on bonds payable is first calculated which is the difference of Bonds par value and the…

Q: Polk Incorporated issued $251,000 of 10% bonds on July 1, 2019, for $260,122.33. The bonds were…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Par value of bonds = $251,000  Semi-annual interest…

Q: Sheridan Company issued $279,000, 9%, 15-year bonds on December 31, 2021, for $267,840. Interest is…

A: In the given question we need to prepare the journal entries for following: (a)The issuance of the…

Q: Volunteer Inc. issued bonds with a $600,000 face value, 8% interest rate, and a 4-year term on July…

A: Given Information: Bonds issued at face value       $600,000 Amount received…

Q: Volunteer Inc. issued bonds with a $700,000 face value, 10% interest rate, and a 4-year term on July…

A: Annual interest payment = Face value of bonds x rate of interest x Year = $700,000 x 10% = $70,000

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: Bryan Company issued $780,000 of 8% face value bonds on January 1, 2019, for $763,800. The bonds are…

A:

Q: On January 1, 2019, Hackman Corporation issued $1,350,000 face value 8% bonds dated January 1, 2019,…

A: WORKING : PREMIUM ON BONDS PAYABLE = $1,366,900 - $1,350,000 = $16,900   JOURNAL ENTRY FOR ISSUANCE…

Q: On January 1, 2019, Castle Services issued $177,000 of six-year, 12% bonds when the market interest…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The…

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

A: Annual interest payment = Face value of bonds x rate of interest x 1 years = $500000 x 10% x 1 =…

Q: The Golden Company issues $539,000 of 7%, 10-year bonds at 104 on March 31, 2019. The bonds pay…

A: An interest-bearing bond is a type of debt security issued by a borrower, typically a corporation or…

Q: Valdez issues $450,000 of 13%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: Since there are multiple sub parts, the calculation will be given for first three sub parts. To get…

Q: Mitchell Inc. received $568,547 from the issuance of 600, 6%, $1,000 bonds on January 1, 2020. The…

A: First, let's compute if there's a discount or premium on the bonds issued. Get the difference…

Q: On January 1, 2019, Langka Inc. issued 9% bonds in the face amount of P5,000,000 which mature on…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds.

Q: On January 1, 2021, a company issued 10-year, $3,000,000, 6% bonds with semiannual interest…

A: a.

Q: On January 1, 2019, Booth Sales issues $10,000 in bonds for $10,900. These are 5-year bonds with a…

A: Semiannual interest payment = Face value of bonds * Annual stated rate * 6/12 Semiannual premium…

Q: On July 1, 2020, Center Company issued for $598,964, 10%, 20-year bonds with a face value of…

A: Bonds payable are issued to collect long-term funds for the business entity. Bonds carry a fixed…

Q: On January​ 1, 2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Flamingo Inc. issued $2,000,000, 5%, 5-year bonds on January 1, 2019, at 104. Interest is payable…

A: Bonds: Bonds are the long-term promissory notes that are issued by a company while borrowing money…

Q: Volunteer Inc. issued bonds with a $650,000 face value, 12% interest rate, and a 4-year term on July…

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

Q: On January 1, 2019, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1,…

A: Step 1:Required journal entries related to bonds are presented hereunder:No. DateAccount Titles and…

Q: Theca Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Interest is payable…

A: Journal entries are an accounting entries used by an firm to accounts its business transactions in…

Q: Ike issues $180,000 of 11%, three-year bonds dated January 1, 2019, that pay interest semiannually…

A: “Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Volunteer Inc. issued bonds with a $550,000 face value, 12% interest rate, and a 4-year term on July…

A: Interest expense= Bond face value* Interest rate = $ 550000*12% = $ 66000 Premium= $ 600000-$550000=…

Q: Blue Corporation issued a 10 year bonds on January 1, 2019. Costs associated with the bond issuance…

A: Amount amortize on December 31, 2019 =  Total bonds issue cost / Bonds duration in year = P1,…

Q: On January 1, 2019, Langka Inc. issued 9% bonds in the face amount of P5,000,000 which mature on…

A: Solution: Face value of bond = P5,000,000 Issue price of bond = P4,695,000

Q: Lennar Inc. issued $100,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20…

A: May1,2021 Cash  239,588     Bond payable    200,000   Premium bond payable    39,588

Q: On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at…

A:

Q: On January​ 1,2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with face…

A: Premium on bonds payable = 900,000 * 8% = $72,000 Premium on bonds payable on June​ 30, 2018…