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On the first day of the fiscal year, a company issues an $4,900,000, 6%, 4-year bond that pays semiannual interest of $147,000 ($4,900,000 × 6% × %), receiving ca $5,258,948. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 4,603,694 X Discount on Bonds Payable- X 296,306 X

On the first day of the fiscal year, a company issues an $4,900,000, 6%, 4-year bond that pays semiannual interest of $147,000 ($4,900,000 × 6% × %), receiving ca $5,258,948. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash 4,603,694 X Discount on Bonds Payable- X 296,306 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Issuing Bonds at a Premium On the first day of the fiscal year, a company issues an $4,900,000, 6%, 4-year bond that pays semiannual interest of $147,000 ($4,900,000 x 6% x %), receiving cash of $5,258,948. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 4,603,694 x 296,306 x Cash Discount on Bonds Payable X Bonds Payable 4,900,000 Feedback The payroll register of Patel Engineering Co. indicates $2,916 of social security withheld and $729 of Medicare tax withheld on total salaries of $48,600 for the period. Earnings of $15,100 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Expense Federal Unemployment Tax Payable 48,600 x 2,916 729 81,540 X 12,080 X On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays semiannual interest of $112,000 ($2,800,000 x 8% x %), receiving cash of $2,496,542. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable Cash
Transcribed Image Text:Issuing Bonds at a Premium On the first day of the fiscal year, a company issues an $4,900,000, 6%, 4-year bond that pays semiannual interest of $147,000 ($4,900,000 x 6% x %), receiving cash of $5,258,948. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. 4,603,694 x 296,306 x Cash Discount on Bonds Payable X Bonds Payable 4,900,000 Feedback The payroll register of Patel Engineering Co. indicates $2,916 of social security withheld and $729 of Medicare tax withheld on total salaries of $48,600 for the period. Earnings of $15,100 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Expense Federal Unemployment Tax Payable 48,600 x 2,916 729 81,540 X 12,080 X On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays semiannual interest of $112,000 ($2,800,000 x 8% x %), receiving cash of $2,496,542. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable Cash
Premium Amortization On the first day of the fiscal year, a company issues an $4,700,000, 10%, 9-year bond that pays semiannual interest of $235,000 ($4,700,000 x 10% × %), receiving cash of $5,629,874. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable 5,629,874 x Cash Feedback On the first day of the fiscal year, a company issues a $4,800,000, 9%, 6-year bond that pays semiannual interest of $216,000 ($4,800,000 x 9% x 2), receiving cash of $4,386,311. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable 216,000 x Cash 4,386,311 x Feedback " Check My Work Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of $64,000 is redeemed for $814,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Premium on Bonds Payable 940,000 64,000 Gain on Redemption of Bonds 814,000 X Cash
Transcribed Image Text:Premium Amortization On the first day of the fiscal year, a company issues an $4,700,000, 10%, 9-year bond that pays semiannual interest of $235,000 ($4,700,000 x 10% × %), receiving cash of $5,629,874. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable 5,629,874 x Cash Feedback On the first day of the fiscal year, a company issues a $4,800,000, 9%, 6-year bond that pays semiannual interest of $216,000 ($4,800,000 x 9% x 2), receiving cash of $4,386,311. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable 216,000 x Cash 4,386,311 x Feedback " Check My Work Redemption of Bonds Payable A $940,000 bond issue on which there is an unamortized premium of $64,000 is redeemed for $814,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable Premium on Bonds Payable 940,000 64,000 Gain on Redemption of Bonds 814,000 X Cash
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