On January 1, 2025, Entity D issued $1,000,000 of 7%, 5-year bonds at 98. The bonds pay interest annually on December 31 and Entity D amortizes any premium or discount using the straight-line method. These bonds were issued at a discount of $20,000 par of $1,000,000. a discount of $70,000. a premium of $20,000

Q: LRNA Company issued $380,000, 7%, 10-year bonds on January 1, 2022, for $407,968. This price…

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

Q: Ellis Company issues 6.5% , five-year bonds dated January 1, 2019, with a $570,000 par value. The…

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

Q: Un 1/1/2020, Blue Company issued 5-year, 9% bonds with a par value of $1,000,000 The company…

A: Bond is an instrument which is issued at par, discount or at premium.  When company required the…

Q: On January 1, 2019, X Sports Corporation issued 10% bonds with a face value of $200,000. The bonds…

A: Par value of bonds =$200000Issue price of bonds =$191000Discount on issuance of bonds…

Q: On January 1, 2023, Crane Ltd. issued $2130000, 5% bonds, which mature on January 1, 2030. The bonds…

A: Crane Ltd. issued bonds for a premium because the market interest rate (4%) is lower than the coupon…

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: The Golden Company issues $518,000 of 12%, 10-year bonds at 103 on March 31, 2025. The bonds pay…

A: The objective of the question is to determine the correct journal entry to record the issuance of…

Q: Volunteer Inc. issued bonds with a $600,000 face value, 8% interest rate, and a 4-year term on July…

A: Given Information: Bonds issued at face value       $600,000 Amount received…

Q: n January 1, 2020, Ehrlich Corporation issued 7%, 15-year bonds with a face amount of $900,000 at…

A: The bonds are the financial instruments that are issued to raise money from the market or investors.…

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: McNeil Corporation issued $750,000 of 6​%, 10​-year bonds payable on January​ 1, 2019. The market…

A: Introduction: Interest amount: Interest is charged on the Principal amount. Interest is calculated…

Q: Clark Company issued $80,000 of 10-year, 7% bonds payable on January 1, 2024. Clark Company pays…

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

Q: On January 31, 2020, Courtenay Sports Cars issued 14-year, 7% bonds with a face value of $160,000.…

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

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 September 30, 2021, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of…

A: Calculate the present value of the principal amount as shown below:

Q: Kingbird corporation issued  $460,000,8%, 20 year bonds on January  1,2022 for $418,008 this price…

A: Journal entry refers to the classifying and recording of daily transactions initially into books of…

Q: Ellis Company issues 8.0%, five-year bonds dated January 1, 2021, with a $530,000 par value. The…

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

Q: On January 1, 2024, NFB Visual Aids issued $900,000 of its 20-year, 6% bonds. The bonds were priced…

A: Journalizing is one of the most important and basic steps in the accounting cycle. Journalizing is…

Q: On July 1, 2022, Free Compnay issued for $438,000, 500 of its 8%, $1000 bonds. The market rate when…

A: The bonds are the financial instruments that are used to raise money from the market or investors.…

Q: Unrealized holding gain/(loss) in OCI for year 2014 2. Interest expense for the year ended December…

A: Unrealized holding gain/(loss) is the term used to describe a change in an investment's value that…

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 January 1, 2021, Concord Corporation issued its 10% bonds in the face amount of $8070000, which…

A: Step 1: Compute the amount of interest expense: Interest expense=$9152978*8%=$732238 Step 2: Compute…

Q: Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The…

A: Bonds: Bond is a debt security.The amount of interest is paid on bond.  Bond amortization:…

Q: Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest…

A: Face value of bond = $ 1,900,000                             Issue price of bond = $ 1,641,812…

Q: On January 1, 2020, Ehrlich Corporation issued 7%, 15-year bonds with a face amount of $5,000,000 .…

A: The bonds are the financial instruments that are issued to raise money from the market or investors.…

Q: Requirements 3 a. Determine the issue price of the debt. b. Prepare the amortization table for the…

A: Par Value of bonds issued $750,000Coupon rate p.a.5.00%Effective interest rate p.a.6.00%Period of…

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

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

Q: On January 1, 2019, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1,…

A: Step 1:Required journal entries related to bonds are presented hereunder:No. DateAccount Titles and…

Q: On July 1, 2020, Kwek-kwek Company issued 600 of its 10%, P1,000 bonds at 99 plus accrued interest.…

A: The bonds are issued at premium or discount depending on the market rate of interest of bonds.

Q: Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The…

A: Bond is a borrowing security issued by the company to raise funds from the market by making an…

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: On January 1, 2022, Aaron Incorporated issued $1,530,000 par value, 6%, 7-year bonds (i.e., there…

A: Bonds payable are long term liabilities which are issued by the borrower or the issuer to borrow…