On January 1, 2021, Masbate Company issued 5-year bonds with face amount of P5,000,000 at 110. The entity paid bond issue cost of P80,000 on same date. The stated interest rate on the bonds is 8% payable annually every December 31. The bonds are issued to yield 6% per annum. The entity used the effective interest method of amortization. On December 31, 2021, wha

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

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: CHINA Corporation, on January 1, 2021, issued 30,000, 10%, P100 bonds for P2,900,305. Principal…

A: As per effective interest method, the amount of interest expense correlates with the carrying value…

Q: On January 1, 2025, Waterway Corporation issued $510,000 of 7% bonds, due in 8 years. The bonds were…

A: The bonds are reported as long term liabilities in the balance sheet. The bonds are issued at…

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: Martinez Company issued $650,000, 9%, 10-year bonds on January 1, 2020, at 103. Interest is payable…

A: Interest to be paid = Face value of bonds x stated rate of interest x period = $650,000 x 9% =…

Q: On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Blossom Ltd. issued a $1,030,000, 10-year bond dated January 1, 2023. The bond was sold at 97.…

A: When bonds are issued at a discount, it means that the initial sale price of the bonds is less than…

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

A: Bonds are issued at a face value of $864,000.

Q: Rombus corp issued P600,000, 9%, 20-year bonds on January 1, 2020, at P103. Interest is payable…

A: Each transactions needs to be recorded in the books of accounts. Journal entries are basic…

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: Marigold Corporation issued $370,000, 7%, 20-year bonds on January 1, 2022, for $333,674. This price…

A: Solution: Date Cash interest Interest Expense Discount amortization Unamortized discount Carrying…

Q: Metro Inc. issued $200,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20…

A: Bond is financial investment securities where investors lend money to a person. Interest and…

Q: On March 1, 2021, Baddour, Inc., issued 12% bonds, dated January 1, with a face amount of $165…

A: 1. Compute amount of bonds report in its balance sheet as shown below:     Working note:   Compute…

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: On January 1, 2020, Cee Company issued bonds with the face amount of P 10,000,000, 8% serial bonds…

A: Carrying amount of bonds payable on Dec. 31, 2021 will be Carrying value of bonds payable on January…

Q: On January 1,2025 Waterway Corporation issued $390,000 of 9%% bonds, due in years. The bond issued…

A: Bonds are often utilized by both public and private sectors to generate capital for a variety of…

Q: On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market…

A: Bonds: This is just like debt for the issue of investors by the company. Bond is dependent on the…

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: Sciamanna Corporation issued $500,000 of 6%, 10-year bonds payable on January 1, 2022. The market…

A: The cash borrowed on January 1, 2022 would be present value of interest annuity & maturity…

Q: Alexander Company issued $160,000, 12%, 10-year bonds payable at 96 on January 1, 2018.…

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

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: Crane Company issued $310,000,6 %, 10-year bonds on January 1, 2022, for $333,936. This price…

A: The amortization of premium on bond issue decreases the carrying value of bond payable and the…

Q: A Co. is authorized to issue P5,000,000 of 6%, 10 year bonds dated July 1, 2021 with interest…

A: The premium on bonds payable refers to the amount received from the bondholders over the face value…

Q: Crane Company issued $310,000,6%,10-year bonds on January 1, 2022, for $333,936. This price resulted…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: On May 1, 2021, Ligertwood Co. issued P5,000,000, 10%, three-year bonds to yield 8%. The bonds pay…

A: Bond is a debt security which carries a fixed interest rate. The fixed interest rate is known as…

Q: On April 1, 20x1, an entity issues bonds with face amount of P5,000,000 for P5,415,183, including…

A: A per PFRS 9 Financial instruments an issue of bond is a financial liability which can be accounted…

Q: On January 1, 2025, Shamrock Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: P642,007.30 in b

A: Introduction Present value of bond:-

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: On January 1, $858,000, 5-year, 10% bonds, were issued for $832,260. Interest is paid semiannually…

A: When the issue price is less than the face value of bonds the bonds are said to be issued on…

Q: On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid…

A: Bond is a financial instrument used by financial institutions to raise funds. It is a security for…

Q: Grocery Corporation received $301,001 for 13.50 percent bonds issued on January 1, 2021, at a market…

A: Introduction If stated interest rate on bonds is higher than the market rate of interest then such…

Q: punts. Record journal entries in the order presented in the problem. List all debit entries before…

A: When bonds are issued at price lower than their par value, they are issued at a discout. The…

Q: On January 1, 2024, Baddour, Incorporated, issued 10%, 12-year bonds with a face amount of $176…

A: Financial reporting related to bonds involves disclosing essential information about a company's…

Q: Chowan Corporation issued $136,000 of 7% bonds dated January 1, 2016, for $131,421.73 on January 1,…

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

Q: On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for…

A: A bond is a source of finance. Usually,Usually companies and governments issue bonds to the public.…

Q: On January 1, 2020, PS ind issued P600,000 of 7% bonds, due in 10 years. The bonds were issued for…

A: Introduction: Journal entries are the basis of double accounting rules, which have been used for…

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: Ellis Company issues 8.5 %, five-year bonds dated January 1, 2021, with a $540,000 par value. The…

A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…

Q: Kingbird, Inc. issued $430,000 of 5-year, 7% bonds at 97 on January 1, 2020. The bonds pay interest…

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

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

A: Journal entry to record the issuance of the bonds: Date Account Titles Debit ($) Credit ($)…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: What is meant by Journal entries? It is the first step to record the financial transactions in the…

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: On January 1, 2022, Ehrlich Corporation issued 7%, 15-year bonds with a face amount of $4,800,000 .…

A:

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,…