On January 1, 2018, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and December 31. Read the (equirement
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- Sunland Company issues $220,000, 20-year, 8% bonds at 103. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit CreditOn January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Date Jan. 1, 2022 Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Date Account Titles and Explanation Dec. 31, 2022 Credit Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Attempts: 0 of 5 used Submit Answer CreditOn the first day of the fiscal year, a company issues a $1,900,000, 10%, 9-year bond that pays semiannual interest of $95,000 ($1,900,000 × 10% × ½), receiving cash of $1,793,160. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash debit 1793160 Discount on bonds payable bonds payable cant figure out the last two.
- The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 315,000 $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022.The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021. Current Liabilities Interest Payable $ 89,500 Long-term Liabilities Bonds payable, 5%, due January 1, 2024 1,790,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. a) Journalize the payment of the bond interest on January 1, 2022. b) Assume that on January 1, 2022, after paying interest, Bramble calls bonds having a face value of $602,000. The call price is 105. Record the redemption of the bonds. c) Prepare the entry to record the accrual of interest on December 31, 2022.A company issues $90,000 of 6%, 10-year bonds dated January 1 that pay interest semiannually on each June 30 and December 31. If the issuer accepts $85,000 for the bonds, the issuer will record the sale with a (debit/credit) credit to Discount on Bonds Payable in the amount of $
- On the first day of the fiscal year, a company issues a $7,300,000, 8%, 10-year bond that pays semiannual interest of $292,000 ($7,300,000 × 8% × ½), receiving cash of $5,991,433. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays semiannual interest of $105.000 ($3,500,000 x 6% x V½), receiving cash of $3,350,000. Journalize the first interest payment and the amortization of the related bond discount. Refer to the Chart of Accounts for exact wording of account titles.Subject - account Please help me. Thankyou.
- Aggies Inc. issued bonds with a $450,000 face value, 8% interest rate, and a 4-year term on July 1, 2018, and received $510,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 B. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 C.On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050. Required: Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…Carla Vista Corporation issued 2,800, 6%, 5-year, $1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1.(a)Prepare the journal entry to record the sale of these bonds on January 1, 2022. (b)Prepare the adjusting journal entry on December 31, 2022, to record interest expense (c)