On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $1,060 for $99,400. The bonds had a stated rate of 5% and paid interest semiannually. What is the journal entry to record the first payment to the bondholders? If an amount box does not require an entry, leave it blank. Jun. 30   Interest Expense Interest Expense     Cash Cash

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The…

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

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

A: Given:

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $7,800,000, 8%,…

A: Discount = Face value - Cash Discount = $7,800,000 - $6,791,633 Discount = $1,008,367

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 6%,…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: On the first day of the fiscal year, a company issues a $5,100,000, 12%, 6-year bond that pays…

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

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: Medhurst Corporation issued $86,000 in bonds for $83,400. The bonds had a stated rate of 8% and pay…

A: Interest expense is a non-operating expense shown on the income statement. It represents interest…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $910 for $94,800. The bonds…

A: Bonds payable (at par) = 100 bonds * $910= $ 91000 Bond issued value= $ 94800 Premium on bond issue=…

Q: the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual…

A: Bond payable is financial instrument which is used to raise funds for financial obligations. These…

Q: On Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500. The…

A: Bonds Payable: Bonds Payable are the financial instruments that are issued with a promise or…

Q: The first day of the fiscal year, a company issues a $700,000, 6%, 10-year bond that pays semiannual…

A: Bonds are issued by the company because it is it cheaper source of finance. It is because tax…

Q: Cheyenne Corp. issued 1,400 9%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: The following calculations are done in the books of Cheyenne Cope to record the issue of bond…

Q: ssuing Bonds at a Discount 1. On the first day of the fiscal year, a company issues a $8,200,000,…

A: A bond issued on discount:-When a company issue a bond less than its par value is known as a bond…

Q: Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay…

A: The bonds are issued on discount when market rate is greater than the stated rate of interest.

Q: On Jan. 1, Year 1, Nadal Inc. issued 100 bonds with a face value of $1,000 each for $103,500. The…

A: In the given case, Nadal Inc issued 100 bonds with a face value of $1000 each at a premium of $35.…

Q: QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: On the first day of the fiscal year, a company issues a $990,000, 7%, 5-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $4,200,000, 10%, five-year bond that pays…

A: Bonds are issued by the company for raising finance. It can be issued at a discount or at a premium.…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The…

A: Journal entries are passed following the golden rules of accounting  Debit all assets and expenses…

Q: nd July 1. Prepare the entry to record the payment of interest on July 1, 2021

A: 1. Amount of interest to be paid is calculated on the face value.    2. Journal entry for recording…

Q: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

Q: On the first day of the fiscal year, a company issues a $1,100,000, 6%, 9-year bond that pays…

A: When a bond issued for a amount more than its face value then the excess amount received would be…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 120 bonds with a face value of $1,020 for $126,300. The…

A: JOURNAL ENTRIES Journal entries is the Process of Recording all Financial & Non Financial…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $860 for $89,900. The bonds…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $1,000 for $113,900. The…

A: Jan 1. Cash Debit $113,900          Premium on bonds payable Credit $ 3900           Bonds Payable…

Q: Medhurst Corporation issued $89,000 in bonds for $86,000. The bonds had a stated rate of 8% and pay…

A: A journal serves as the company's official record and lists all transactions in reverse…

Q: THIS QUESTION WILL ALSO BE CHECKED MANUALLY (to make adjustments for typos). QUESTION 9 On the first…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $910 for $85,800. The bonds…

A: Journal entries refers to recording of business transactions into the books and it is the very…

Q: On the first day of the fiscal year, a company issues a $1,900,000, 10%, 9-year bond that pays…

A: A bond is referred to as a financial instrument that a company issues to meet its financial…

Q: A Company issued $480,000 of 7% bonds on January 1. İnterest is payable semiannually on July 1 and…

A: BONDS Bond is a kind of fixed income instrument under which the borrower of the money issues the…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $920 for $105,200. The bonds…

A: Face value of 110 bonds is $101,200. But $105,200 (110*$920) of cash has been received. This means…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,700,000, 6%,…

A: Formula: Discount on bonds payable = Face value of bond - Cash received on issue.

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $990 for $112,200. The bonds…

A: Interest is paid to the bondholders on the basis of coupon rate mentioned on the bond document…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 120 bonds with a face value of $1,080 for $132,600. The…

A: Bonds are issued to fulfil the requirement of the capital of the company. It represents the…