On October 1, 2020 Sheffield Corp. issued 6%, 10-year bonds with a face value of $8010000 at 104. Interest is paid on October 1 and April 1, with any premiums or discounts amortized on a straight-line basis. The entry to record the issuance of the bonds would include a credit of $320400 to Premium on Bonds Payable. debit of $320400 to Discount on Bonds Payable. credit of $7689600 to Bonds Payable. credit of $240300 to Interest Payable.

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 Jan. 1, 2020, Eee Company issued 9% bonds in the amount of P 500,000, which mature on Jan. 1,…

A: Formula: Carrying value of bonds payable = Issue price of the bonds + Amortization of bond discount…

Q: On October 1, 2020 Sunland Company issued 4%, 10-year bonds with a face value of $6110000 at 104.…

A: Interest accrued for 3 months ( From October 1st to December 31)  = Face value × interest rate ×…

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 January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

A: Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash $311,500…

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: On April 1, 2020, Boston Company issued at 99 plus accrued interest 2,000 of 8% P1,000 face value…

A: A bond is said to be issued at discount when its price is less than its face value. On the other…

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 30, 2020, Blossom Limited issued $2 million of 20-year, 13% bonds for $2,320,916, which…

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

Q: Sheridan Company issued $279,000, 9%, 15-year bonds on December 31, 2021, for $267,840. Interest is…

A: In the given question we need to prepare the journal entries for following: (a)The issuance of the…

Q: 4.  On July1, 2018, Dixon Inc. issued bonds with a $500,000 face value at 96.0 and the 5-year bonds…

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

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: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

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

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: Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued…

A: When, the debentures are issued at less than par value, it is has been issued at discount. The…

Q: Bonita Corporation issued $564,000 of 7% bonds on May 1, 2025. The bonds were dated January 1, 2025,…

A: Bonds:The bond is the financial instrument that is used by the company to get the loan amount so…

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: Aggies Inc. issued bonds with a $550,000 face value, 10% interest rate, and a 4-year term on July 1,…

A: Bonds may sometime issue at premium and the amount of premium is amortized over the term of bonds.…

Q: On June 30, 2020, Kingbird Company issued $3,120,000 face value of 15%, 20-year bonds at $3,824,160,…

A: Step 1: Introduction to Bonds Payable:Like other liability accounts, the bonds payable account has a…

Q: The Golden Company issues $539,000 of 7%, 10-year bonds at 104 on March 31, 2019. The bonds pay…

A: An interest-bearing bond is a type of debt security issued by a borrower, typically a corporation or…

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: One June 30,2020, Pronghorn Company issued $4,470,000 face value of 14%, 20 year bonds at $5142560,…

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

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: Cucumber Electric sold $3,300,00, 8%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Under straight line method, the premium or discount is amortized with equal amounts. The bonds are…

Q: On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years.…

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

Q: Dixon Corp issued 5,000, 9%, 5-year, P1,000 bonds dated January 1, 2020, at P100 1. Prepare the…

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

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: 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: If the company issued RO 100,000 , 5% interest, 10-year bonds at 98 on January 1, 2021, which of the…

A: Answer Bond issued = RO98 Face value per BOND = RO100 Discount price per BOND = (RO100 - RO98) = RO2…

Q: crane Corporation issued 2,100, 9%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is…

A: Cash received = 2,100 bonds x $1,000 per bond x 100% = $2,100,000

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…

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: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January…

A: Bond is the debt security that investors uses to reduce the risk and increase stable return from…

Q: Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The…

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

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: Lasa Corporation issued 5,000, 9%, 5-year, RM1,000 bonds dated January 1, 2020, at 100 (a) Prepare…

A: Journal entries are accounting transactions used to record various accounting transactions in the…

Q: On January 1, 2020, Marigold Corp. issued $5100000, 10-year, 4% bonds at 102. Interest is payable…

A: When a bond is issued at premium, the amount received excess of fair value should be recorded under…