On January 1, 2006, Okon Company issued 5,000 of its 9%, P1,000 face value bonds at 95.  Interest is payable semiannually on July 1 and January 1.  The bonds mature on January 1, 2016.  Okon uses the straight line method of amortizing bon discount.  On Okon’s December 31, 2006 balance sheet, how much would be shown as the carrying amount of the bonds payable?

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: Oriole Company issued $750,000, 7%, 10-year bonds on December 31, 2021, for $680,000. Interest is…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: On January 1, 2024, Burton Sales issued $23,000 in bonds for $35,800. These are ten-year bonds with…

A: BOND Bond is a Financial Security which is Generally Issued by the Corporations, Government &…

Q: On January 1, 2020, Naples Co. issued $280,000 of 10-year bonds at 96. The bonds pay 6% cash…

A: Total discount on bonds  retired on June 1, 2020 = Total amount of bonds issued x % of bonds retired…

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: On January 1, 2015, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000,a…

A: Amortization Schedule: An amortization schedule is a table that shows the details of each loan…

Q: On January 1, 2015, Surreal Manufacturing issued 600 bonds, each with a face value of $1,000,…

A: 1.

Q: On December 31, 2020, Plank Corporation issued $800,000, 6%, 5-year bonds for $735,100. The bonds…

A: PREPARATION OF BOND DISCOUNT SCHEDULE

Q: On July 1, 2018, McNamara Company issued for $598,964, 10%, 20-year bonds with a face value of…

A: When bonds are issued at premium the premium on bonds payable is amortized over the life of the…

Q: On January 1, 2018, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds…

A: Requirement 1:   Compute the amount of liability.

Q: Oriole Company issued $760,000, 7%, 10-year bonds on January 1, 2022, for $815,933. This price…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: On January 1, Year 1, Hanover Corporation issued bonds with a $56,500 face value, a stated rate of…

A: Bonds Payable: Bonds Payable is an long term debt issued by the government and company's to raised…

Q: On July 1, 2006, S. Strigel Chemical Company issued $5,000,000 face value, 10%, 10-year bonds at…

A: Given the following information: On July 1, 2006, S. Strigel Chemical Company issued $5,000,000…

Q: On June 1, 2024, Ivanhoe, Inc. issued $6,880,000, 6% bonds for $6,743,260, which includes accrued…

A: Answer:-  Journal entry:- Journal entry is very much important for the business entities to record…

Q: 4.  On July1, 2018, Dixon Inc. issued bonds with a $500,000 face value at 96.0 and the 5-year bonds…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796.…

A: Bond interest = carrying value × effective rate Interest expense = 1,927,796 × 9% = 173501.64…

Q: On May 1, 1999, Sun Corp. issued 11% bonds in the face amount of P1,000,000 that mature on May 1,…

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

Q: The interest expense on the income statement for the year ended December 31, 2021 is:

A: Bonds are a kind of financial instrument issued for raising cash by the entities for a perspective…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: On January 1, 2021, a company issued $2,000,000, 10-year, 7% bonds, when the market rate was 8%.…

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

Q: On January 1, 2018, Global Sales issued $25,000 in bonds for $29,800. These are eight-year bonds…

A: Bonds are issued by a firm in order to raise fund. Bonds are purchased by investors and they get a…

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: Prepare journal entries for the following transactions.

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: On January 1, 2018, Wauwatosa Inc. issued 5- year bonds with a fave value of $200,000 and a stated…

A: When the issue price of the bond is higher than its face value, the bonds are said to be issued at a…

Q: The Oriole Company issued $640,000 of 6% bonds on January 1, 2017. The bonds are due January 1,…

A: Issue of bond: Corporate bond issuance is one method of raising capital for a company. A bond serves…

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: 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: On January​ 1, 2023, Jones Corporation issued​ $2,982,000, 9%, 5 - year bonds with interest payable…

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

Q: On January 1, 2021, a company issues 3-year bonds with a face value of $230,000 and a stated…

A: Given, Effective interest rate = 5% Therefore, Interest expense to be charged to Profit and loss…

Q: Cucumber Electric sold $3,300,00, 8%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Under straight line method, the premium or discount is amortized with equal amounts. The bonds are…

Q: On July 1, 2018, 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 multiple sub-parts, we will solve the first three subparts for…

Q: On January 1, 2025, Pina Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Brand Company issued $1,000,000 face value, eight-year, 12% bonds on April 1, 2012, when the market…

A: Bond is like a debt security which is used and issued by one who borrows or owes loans from public,…

Q: On January 2, Year 1, Kampai Sushi Bar sold $800,000 of bonds for $785,000. The bonds will mature in…

A: Since the bond is sold for lesser amount and the bond will mature in 10 years, each year the amount…

Q: Sheridan Industries, Inc. issued $17,400,000 of 8% debertures on May 1, 2024 and received cash…

A: The objective of the question is to calculate the total dollar amount of discount or premium…

Q: 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue,…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On 2016 June 30 (a semiannual interest payment date), Holiday Rollerblade Company redeemed all of…

A: Journal entry refers to the process of systematic documentation of the financial transactions of a…

Q: Sheffield Company issued $400,000, 12%, 10-year bonds on January 1, 2022, for $423,557. This price…

A: Lets understand the basics.There are two methods through which amortization of bond premium or…

Q: On January 1, Year 1, Kenneth Cole Inc. issued $2,000,000, 5%, 10-year bonds, with interest payable…

A: Bonds can be referred to as financial securities which are issued by large organizations to raise…

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: On January 1, 2018, Paradiso Company issued 1,000 of its 8%, $1,000 bonds at 93. Interest is payable…

A: Definition:   Bonds: Bonds are a kind of interest-bearing notes payable, usually issued by…

Q: Hasley Company issued $800,000, 11%, 10-year bonds on December 31, 2018, for $730,000. Interest is…

A: Journal entries forms part of basic accounting where the transactions of an organisation are being…

Q: On January 1, 2018, Lane Unlimited issues a 9%, 10- year bonds payable with a face value of…

A: Total premium on bonds = Issue value - Face value = $240,000 x 105/100 - $240,000 = $12,000

Q: On January 1, 2025, Martinez Company issued $1,800,000 face value, 7%, 10-year bonds at $1,932,482.…

A: Bond is the amount that has been borrowed by the company on which a specified percentage of interest…

Q: Blossom Company issued $510,000 of 5-year, 9% 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 the promissory notes…