On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of 10%, receiving $743,625. Interest is payable semi-annually on March 1 and September 1. The journal entry would include a:   Group of answer choices credit to Premium on Bonds Payable for $43,625 credit to Cash for $743,625 debit to Bonds Payable for $700,000 none of these   Using information from the previous question, the entry to record the first interest payment and amortized premium for six months using the straight-line method would include a:   Group of answer choices debit to Premium on Bonds Payable for $2,181 debit to Cash for $38,500 none of these debit to Interest Payable for $36,319

Q: Crane Inc. issues $250,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of…

A: Lets understand the basics.There are two method through which amortization of bonds are made.(1)…

Q: Bramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: Given:

Q: On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5-year bond that pays…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: On the first day of the current fiscal year, $1,500,000 of 8%, 10-year bonds, with interest payable…

A: Journal entries are the initial reporting of the transactions in the books of an entity.

Q: Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable…

A: Discount on Bonds payable = Face value of bonds - issue price of bonds = $200,000 - $192,462 =…

Q: The Hayden Corporation issues 1,000, 10-year, 8%, $2,000 bonds dated January 1 at 92. The journal…

A: Journal: Recording of a business transaction in a chronological order.

Q: Green Co. issued $400,000 of 12%, 10 year bonds on January 1 at 98. Interest is payable semiannually…

A: The bonds-are issued at discount of Rs. 2 per bond. Therefore, total cash received on issue date =…

Q: Schlitterbahn Waterslide Company issued 35,000, 10-year, 8 percent, $100 bonds on January 1 at face…

A: The journal entries can be made as follows :

Q: On January 1, a company issued and sold a $393,000, 6%, 10-year bond payable, and received proceeds…

A: Introduction: When company issues bonds at discount, then the discount amount can be amortized over…

Q: On the first day of the fiscal year, a company issues a $5,100,000, 12%, 6-year bond that pays…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On the first day of the fiscal year, a company issues a $326,000, 6%, 10-year bond that pays…

A: BOND IS AN INSTRUMENT OF INDEBTEDNESS OF THE BOND ISSUER TO THE HOLDER .

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: Give me correct answer with explanation..j

A: Detailed explanation:Given : Face Value of Bonds, $ 248,000Stated Interest of Bonds 6%, paid…

Q: Issuance of Long-Term Debt M. Nickles Company issued $1,500,000 of bonds for $1,487,200. Interest is…

A: 1. Record journal entry for issuance of bonds as shown below:

Q: Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles…

A: A journal is the book of original entry in which all the financial transactions of the business are…

Q: Grayco issued $2,000,000 of 10 year, 6% bonds on March 1 of the current year at face value, with…

A: SOlution: Date Particulars Debit Credit 01-Mar Cash 2000000           To bonds payable…

Q: Bonds Payable Sold at a Premium; Effective Interest Amortization On December 31, Coffey Company…

A: Answer:- Financial statement:- The term "financial statement" refers to the company's financial…

Q: the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual…

A: Bond payable is financial instrument which is used to raise funds for financial obligations. These…

Q: t onds Debit Credit

A: Amortization Schedule InstallementCash Paid (4.5% of par value)Interest ExpensePreium…

Q: On the first day of the fiscal year, a company issues an $380,000, 7%, 5-year bond that pays…

A:

Q: Riverbed Corp issues 940, 10-year, 8%, $1000 bonds dated January 1, 2020, at 96. The journal entry…

A: Bonds are recognized as a financial instrument used to raise finance for the organization. It is…

Q: Moore Corp. issued 5.5​% two​-year bonds payable with a face amount of $60,000 when the market…

A: Bonds Payable - Bonds are the obligation that required to be paid at fixed duration of time. It…

Q: Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay…

A: The bonds are issued on discount when market rate is greater than the stated rate of interest.

Q: Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation…

A: Journal entries refers to the recording of the business activities into the books of accounts or…

Q: QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 8%, 5-year bond that…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On January 1, the first day of the fiscal year, Designer Fabric Co. issues a $400,000, 5%, 10-year…

A: Bond is financial instruments used to raise funds to meet financial obligations of business.Bond can…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: On the first day of the fiscal year, a company issues a $990,000, 7%, 5-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: On the first day of the fiscal year, a company issues a $4,200,000, 10%, five-year bond that pays…

A: Bonds are issued by the company for raising finance. It can be issued at a discount or at a premium.…

Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January I, 2022, at face value.…

A: A journal entry is being used to record a commercial transaction in the accounting records of a…

Q: Required information [The following information applies to the questions displayed below.) Dunphy…

A: The accounting equation is a mathematical representation of financial transactions. The accounting…

Q: Sheridan Company issued $6,500,000 of 6%, 10-year bonds for $5,614,000. The straight- line method of…

A: Bonds are the obligation for an entity. These are issued for raising funds from the market. These…

Q: On January 1, Year 1, Bell Corporation issued $203,000 of 10-year, 6 percent bonds at their face…

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or…

Q: On December 31 Wintergreen, Incorporated, issued $150,000 of 7 percent, 10-year bonds at a price of…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

Q: On January 1, a company issued and sold a $391,000, 7%, 10-year bond payable, and received proceeds…

A: Lets start with basic understanding. When bond is issued for less than its face value then it is…

Q: On the first day of the fiscal year, a company issues a $3,900,000, 8%, 7-year bond that pays…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: On January 1, Year 1, Kenneth Cole Inc. issued $2,000,000, 5%, 10-year bonds, with interest payable…

A: Bonds can be referred to as financial securities which are issued by large organizations to raise…

Q: ABC Company issued $20,000 of 5-year bonds, stated rate 10%, effective rate 8%, interest paid…

A: The journal entries are prepared to record the transactions on regular basis. The bonds are issued…

Q: On January 1, Boston Enterprises issues bonds that have a $1,600,000 par value, mature in 20 years,…

A: The issuance of bonds is one method that businesses may use to obtain capital. A bond may be thought…