Rr.2. KOn January 1, 2024, the Warden's Restaurant decides to invest in Lake Langdon bonds. Thebonds mature on December 31, 2027, and pay interest on June 30 and December 31 at 8%annually. The market rate of interest was 8% on January 1, 2024, so the $140,000 maturity valuebonds sold for face value. Warden's intends to hold the bonds until December 31, 20272024Jan. 1Requirement 1. Journalize the transactions related to Warden's investment in Lake Langdon bonds during 2024. (Record debits first, then credits Select the explanation on the last line of the journalentry table)Begin by journalizing Warden's investment in Lake Langdon bonds on January 1, 2024.DateAccounts and ExplanationDebitAvailable-for-Sale Debt InvestmentsCashDividend RevenueFair Value Adjustment-Available-for-SaleFair Value Adjustment-Held-to-MaturityHeld-to-Maturity Debt InvestmentsRequirements1. Joumalize the transactions related to Warden's investment in Lake Langdon bondsduring 2024Credit2.In what category would Warden's report the investment on the December 31, 2024,balance sheet?

Bond :— It is one of the type of securities that pays fixed periodic interest and face value amount…

Answered: ↑ On January 1, 2024, War's Restaurant…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.1AP

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On January 1, 2024, the Steward's Restaurant decides to invest in Lake Redburgh bonds. The bonds mature on December 31, 2027, and pay interest on June 30 and December 31 at 5% annually. The market rate of interest was 5% on January 1, 2024, so the $120,000 maturity value bonds sold for face value. Steward's intends to hold the bonds until December 31, 2027. Requirements 1. Journalize the transactions related to Steward's investment in Lake Redburgh bonds during 2024. In what category would Steward's report the investment on the December 31, 2024, balance sheet? 2. Requirement 1. Journalize the transactions related to Steward's investment in Lake Redburgh bonds during 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Steward's investment in Lake Redburgh bonds on January 1, 2024. Accounts and Explanation Debit Date 2024 Jan. 1 Credit
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Blossom Inc. issued $884,000 of 10-year, 3% bonds on January 1, 2024. Interest is to be paid semi-annually. The market interest rate was 4%. (a) Your answer is partially correct. What is the face value of the bond? When will this be paid? Face value of the bond $ When will it be paid January 1, 2034
Please type the answer very fast i ll upvote , Thank You On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $560,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. 1. If the market interest rate is 7%, the bonds will issue at $560,000. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1a. Record the bond issue. 1b. Record the first semiannual interest payment. 1c. Record the second semiannual interest payment. 2. If the market interest rate is 8%, the bonds will issue at $511,582. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024. (If no entry is required for a particular transaction/event, select…
please use P*R*T fomular as well. Thanks
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