Oriole Company retires its $540000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $519750. The entry to record the redemption will include a     the debit of $31050 to Gain on Bond Redemption.   the debit of $10800 to Premium on Bonds Payable.   the credit of $20250 to Loss on Bond Redemption.   the credit of $20250 to Discount on Bonds Payable.

Q: Health First Ltd. retires its 8% bonds for $74,000 before its maturity date. Carrying value at the…

A: b. Bonds Payable $78,693     Gain on Bonds Retirement 4,693     Cash 74,000To record the retirement…

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: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2025, at face value. Interest is…

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

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: Ivanhoe Company issued $680,000 of 5-year, 8% bonds at 96 on January 1, 2022. The bonds pay interest…

A: Bonds Payable -Bonds are the notes issued by the payer to the collector. It is a promissory note…

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Proceeds from issue of bonds = Face value of bonds x issue price /100 = $648000*104/100 = $673920

Q: Coronado Industries retires its $680000 face value bonds at 103 on January 1, following the payment…

A: The redemption of bonds referrers when the issuer calls the bonds and pays the face value of bonds…

Q: Devin Company computes the following bond interest amortization table for bonds issued on January 1,…

A: A bond is a fixed pay instrument issued to represents to an advance made by a financial specialist…

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: Stark Ltd sold IDR 6,200,000, 10%, 10-year bonds on January 1, 2019. The bonds were dated January i…

A: No. Date Account Titles and Explanation Debit Credit 1. January 1, 2019 Cash (IDR…

Q: Id Co. sold $5,230,000 of 6%, 10-year bonds at 103 on January 1, 2025. The bonds were dated January…

A: Amortization -The two very distinct financial processes that are sometimes referred to as…

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

A:

Q: What is the bonds' ANNUAL market rate of interest? % How much total CASH will the company pay for…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

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: Carr Corporation retires its $500,000 face value bonds at 105 on January 1, following the payment of…

A: To record redemption of bond, Bond payable should be debited for face value, premium on bond payable…

Q: Korean Corporation issued $2 million, 10-year, 6% bonds on January 1, 2021.     1) Prepare the entry…

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

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 1, 2006, Okon Company issued 5,000 of its 9%, P1,000 face value bonds at 95.  Interest is…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: Sheridan Company issued $501,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable…

A: No. of issued bonds = $501,000 Interest rate = 8% Term to maturity = 30 years Percentage per bond =…

Q: Robin Corporation retires its $800000 face value bonds at 104 on January 1, following the payment of…

A: Redemtption value refers to the price which is to be considered while purchasing the security for…

Q: Assume that on July 1, 2027, Swifty Co. redeems half of the bonds at a cost of $1,126,600 plus…

A: Please find the required journal entries on July 01, 2027 in step 2 below.

Q: som Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale…

A: Bonds are debt instruments that carry the payment for interest annually and payment of face value on…

Q: Jim Company issued P 4,000,000 of 8 ½%, 5- year bonds on March 1,2018. Interest payment dates are…

A: Since we answer only up to three sub-parts, we shall answer the first three. Please resubmit a new…

Q: 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31,…

A: Bond retirement means paying off the bond obligations to the investors. The bond requirement may…

Q: Deleau Equipment Ltd. issued 11%, five-year bonds with a face value of $80,240,000 on October 1,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, 2025, Martinez Corporation redeemed $630,000 of bonds at 98. At the time of…

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

Q: Sandhill Co. sold $5,600,000, 7%, 15-year bonds on January 1, 2025. The bonds were dated January 1,…

A: Journal entry: A journal entry serves as documentation of a business's financial activities kept in…

Q: Godwin corporation retired its bonds at 105 on january 1 after the payment of interest. The face…

A: Bond retirement refers to the cancellation or repurchase of bonds that were earlier issued. The…

Q: Marigold, Inc., purchased $372,000 of its bonds at 95 on June 30, 2020, and immediately retired…

A: Bond's Payable = $372,000 Discount On Bond's Payable = $372,000 — $360,000 = $12,000   Cash =…

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Introduction: On January 1, 2020, Sheffield Company issued $648,000 of 10 percent, 20-year bonds at…

Q: Vaughn Manufacturing retires its bonds at 105 on January 1, following the payment of annual…

A: In the current case, the company holds bonds with a face value of $720,000. The carrying value of a…

Q: Sarasota Corp. retires its $928000 face value bonds at 105 on January 1, following the payment of…

A: Journal entry is a record of financial transaction in the books of accounts of a business. It has a…

Q: On January 1, year 15, Hart, Inc. redeemed its 15-year bonds of $500,000 par value for 102. They…

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

Q: Crane Company redeemed $178,000 face value, 17.5% bonds on June 30, 2022, at 98. The carrying value…

A: Premium on Bonds = Carrying value of the bonds - Face value of bonds = $190,000 - $178,000 = $12,000

Q: Novak Corp. redeemed $148,000 face value, 12% bonds on April 30, 2022, at 102. The carrying value of…

A: Redemption of bonds: It is the buyback of bonds issued by the company to the investors. Bonds…

Q: Pharoah Company issued $760,000, 8%, 10-year bonds on December 31, 2021, for $690,000. Interest is…

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

Q: Hiu Wang Company sold $55,000,000, 8%, 10-year bonds on January 1, 2020. The bonds apply interest on…

A: Face value of the Bonds = $55,000,000 Interest rate = 8% p.a. payable semi-annually on July 1 and…

Q: Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record…

A: Journal entries serve as the primary building blocks for financial records. Journal entries include…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…