On January 1, 2020, Sheffield Corp. issued $4500000, 10-year, 4% bonds at 102. Interest is payable annually on January 1. The journa entry to record this transaction on January 1, 2020 is Premium on Bonds Payable Cash Bonds Payable Cash Bonds Payable Premium on Bonds Payable 90000 4500000 4590000 4590000 4500000 90000

On January 1, 2020, Sheffield Corp. issued $4500000, 10-year, 4% bonds at 102. Interest is payable annually on January 1. The journa entry to record this transaction on January 1, 2020 is Premium on Bonds Payable Cash Bonds Payable Cash Bonds Payable Premium on Bonds Payable 90000 4500000 4590000 4590000 4500000 90000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Colson Company issued $300.000 bonds at 98 on January 1, 2017. The bonds are due January 1, 2022. with interest payable each July 1. and January 1. The Colson Company records Straight Line amortization semiannually Prepare Colson's Journal entry for December 31 O Interest Expense Discount on Bonds Payable interest Payable O nterest Expense Discount on Bonds Payable KCash O nterest Payable $15 600 S600 $15.000 $15.600 $600 $15.000 $15.600 Discount on Bonds Payable Interest Expense 6 nterest Expense Discount on Bonds Payable nterest Expense $600 $15 000 $15 600 S600 $15.000
Novak corp. Issued $417,000,11%, 15 year bond on december 31 2021 for $404,490. Interest is payable annually on december 31.novak uses the straight line method to amortize bond or discount prepare the journal entry to record the issuance of the book
On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Bramble’s year-end is December 31. 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.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts 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.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an…
Roarie LLC issued 10,000, $1,000 bonds on January 1, 2020. The bonds have a 10-year term and pay interest semiannually. This is a partial bond amortization schedule for the bonds: Cash Payment Interest A. $4,261,329 B. $7,738,658 C. $4,000,000 D. $3,738,658 Effective Decrease in Interest Balance Disct Cash 1 200,000 313,067 113,067 2 200,000 318,720 118,720 3 200,000 324,657 124,657 4 200,000 330,889 130,889 What would be the total interest cost of the bonds over their full term? Outstanding Balance 10,000,000 (6,261,343) 3,738,658 4,000,000 7,738,658 6,261,343 6,374,410 6,493,130 6,617,787 6,748,676
on January 1, 2021. Friendly corporation issued $600,000, 4% 5-years bonds at 13 at 103. Interest is payable semiannually on July 1 and January 1. The entry to record the issuance of the bonds would include a debit to premiun on bonds payable for $18,000 discount on bonds payable for $18,000 cash for $618,000 bonds payable for $600,000
Marigold Corp. issued 3, 300 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. interest is paid each january 1. Prepare the journal entry to record the sale of these bonds on January 1, 2022.
Landings Glassware Company issues $1,066,000 of 16%, 10 – year bonds at 94 on February 28, 2025. The bonds pay interest on February 28 and August 31. The journal entry to record the issuance includes a O A. credit to Discount on Bonds Payable for $63,960 O B. credit to Bonds Payable for $1,002,040 O C. debit to Cash for $1,066,000 O D. debit to Cash for $1,002,040
Prepare entry for bonds issued. BE10.9 (LO 3), AP Ravine Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022. Prepare journal entries for bonds issued at face value.
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 Credit
Complex Solution Company issues P2 M face value, 9%, 10-year bonds payable on December 31, 2023. Interest is paid semi-annually each June 30 and December 31. The bonds were sold at a price of 98. Complex uses the straight-line method of amortizing bond discounts and premium. **Compute for Amount of Bond Premium or Discount on December 31, 2023. **Bond Interest Expense for 2024 with respect to these bonds **Carrying Value of the bonds as of December 31, 2024.
You found the following ledger account balances of ABC Corporation: 12% Bonds Payable, due March 31, 2020 10/1/17 3,060,000 3/31/15 10,000,000 Premium on Bonds Payable 3/31/15 772,144 Bond Interest Expense 3/31/17 600,000 9/30/17 600,000 The bonds pay interest semiannually on March 31 and September 30. The bonds were issued on March 31 at a price yield 10%. On October 1, 2017, P3,000,000 of the bonds were redeemed for permanent cancellation at 102.
The Colson Company issued $300,000 bonds at 103 on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson Company records Straight Line amortization semiannually Prepare Colson's Journal entry for January 1 issue of bonds O Cash Premium on Bonds Payable Bonds Payable $309 000 $9.000 $300.000 O Cash $291.000 Premium on Bonds Payable $9.000 Bonds Payable O Cash Discount on Bonds Payable $9,000 Bonds Payable O Bonds Payable Premium on Bonds Payable $9.000 Cash S300 000 $291.000 $300.000 $291 000 $300.000