On January​ 1, 2024​, Aaron Unlimited issues 10​%, 20​-year bonds payable with a face value of $180,000. The bonds are issued at 102 and pay interest on June 30 and December 31. ​(Assume bonds payable are amortized using the​ straight-line amortization​ method.)   1. Journalize the issuance of the bonds on January​ 1, 2024. 2. Journalize the semiannual interest payment and amortization of bond premium on June​ 30, 2024. 3. Journalize the semiannual interest payment and amortization of bond premium on December​ 31, 2024. 4. Journalize the retirement of the bond at​ maturity, assuming the last interest payment has already been recorded.​ (Give the​ date.

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: Oakley Company issued a $40,000, 10%, 10-year bond payable at 97 on January 1, 2024. Interest is…

A: If the issued Price is less than the face value , it will be treated as that Bonds are issued at…

Q: Req 1 Req 2A to 2C Req 3 End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 Semiannual Period-…

A: A journal entry is the process of recording or maintaining track of any financial or non-financial…

Q: January 1, 2024, Nurses Credit Union (NCU) issued 7%, 20-year bonds payable with face value of…

A: The retirement of a bond is the repayment of bond at maturity. The principal is repaid and the…

Q: Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: 1. Journal entry for Bond issuance on January 1, 2019: Date Account title and explanation Debit…

Q: The Maria Miller Company issued $480,000 of 10%  20 yr bonds on January 1, 2025 at 103. Interest is…

A: A Bond is a fixed income that is made by investors, debtholders, or creditors to borrowers used by…

Q: S14-6 Journalizing bond transactions Power Company issued a $1,000,000, 5%, 5-vear bond payable at…

A: Bonds are a form of debt or loan taken by the company, on which company has to make regular interest…

Q: Hillside issues $3,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest…

A: Solution: Premium on issue of bond is computed as bond issue price less face value of bonds…

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: Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1,…

A: Interest payment on June 30, 2021 = Face value of bonds x rate of interest x 6/12 = $70,000 x 7% x…

Q: Pharoah Company issues $2.90 million, 5-year, 7% bonds at 104, with interest payable annually…

A: Given that the bonds has been issued at premium and it has to be amortised on straight line basis.…

Q: On January 1, 2018, Reese Incorporated issued bonds with a face value of $120,000, a stated rate of…

A:

Q: Price Company issued a $700,000, 8%, 10-year bond payable at face value on January 1, 2018 Interest…

A: A bond refers to fixed income instrument that represents a loan made by an investor to a borrower…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

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

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: On June​ 30, Power Company issues 5%​, five​-year bonds payable with at face value of $60,000. The…

A: Journal entry : It is prepared to record the financial and non financial transaction of the business…

Q: Blossom Company issues $2.1 million, 10-year, 5% bonds at 96, with interest payable on December 31.…

A:

Q: Assume bonds payable are amortized using the straight-line amortization method unless stated…

A: The issuance of bonds will increase the cash balance and the bonds payable balance of the company.…

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: Prepare journal entries for the following transactions.

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: Crane Company issued $830,000, 8%, 20-year bonds on January 1, 2025 at 103. Interest is payable…

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

Q: 2 January 2018, MAYA Bhd issued RM1,500,000 of 10% bond at 106.231 with market interest 11% due 31…

A: Bonds are the securities issued by a business entity in order to raise funds for its business…

Q: PPetzelmaniá, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1,…

A: The bonds are issued at par when market rate is similar to coupon rate of bonds.

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, 2018, Technicians Credit Union (TCU) issued 5%, 20-year bonds payable with face value…

A: Premium on Bonds Payable = Face value of Bonds - Issue price = $100000 - $100000*106% = $6000

Q: Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued…

A: "Bonds" are debt securities issued by governments, cities, or companies when they need to raise…

Q: Logan Inc issued a $1,600,000, 6% 10 year bond at 88 on January 1, 2018. 1. Journalize the issuance…

A: Bonds are the debts of an issuing company that is repayable after a specific period of time, it may…

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest…

A: The question is based on the concept of the issue of securities. As per Bartleby guidelines we are…

Q: Legacy issues $580,000 of 8.0%, four-year bonds dated January 1, 2021, that pay interest…

A: To assist you in completing the table and journal entries, we need to follow these steps: 1. Journal…

Q: On June 30th dogwood limited issues 8%, 20 year bonds payable with a face value of $100,000. The…

A: Here,it is assumed that face value per bond is $ 100. Therefore number of bonds issue=$100,000/$100…

Q: On June​ 30, Danver Limited issues 7%​, ​20-year bonds payable with a face value of $120,000. The…

A: Amount received on issue of bonds = Face value of bonds x Selling price of bonds / 100 = $120,000 x…

Q: Req 1 Req 2A to 20 Req 3 Semiannual Period-End Req 4 Prepare the first two years of a straight-line…

A: Lets understand the basics. Amortizaion of premium or discount on issue of bonds done using either…

Q: On January 31, 2021, Dogwood Logistics, Inc, issued ten-year, 12% bonds payable with a face value of…

A: Lets understand the basics.Bonds can be issued at,(1) Par value(2) Premium(3) Discount Amortization…

Q: Blossom Company issued $510,000 of 8%, 20-year bonds on January 1, 2027, at face value. Interest is…

A: Interest expense= Face value×Interest expenseFor issue of bonds the cash account is to be debited…

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: On June 30, Kelce Koolers issues 7%, 18-year bonds payable with a face value of $86,000. The bonds…

A: Bonds are instrument issued by company acknowledging the debt raised by company. It is a liability…

Q: Ellis Company issues 6.5%, five-year bonds dated January 1, 2019, with a $250,000 par value. The…

A: It is a fixed income instrument that represents a loan made by an investor to a borrower ( corporate…

Q: 1.  On July 1, 2018, Volunteer Inc. issued bonds with a $500,000 face value at 108.0 and the 5-year…

A: Recording transactions in books of accounts is called accounting. This recording is done through…