Pharoah Company issued $560,000, 10-year, 6% bonds at 103.Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Date Account Titles and ExplanationDebitCreditJan. 1SHOW LIST OF ACCOUNTSLINK TO TEXTVIDEO: APPLIED SKILLSVIDEO: SIMILAR EXERCISESuppose the remaining Premium on Bonds Payable was $10,080 on December 31, 2020. Show the balance sheet presentation on this date.PHAROAH COMPANYBalance Sheet (Partial)$::

Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Answered: Pharoah Company issued $560,000,…

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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Pina Calade Corp. issued 2,100 8%, 9-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 (b) Prepare the adjusting journal entry an December 31, 2017, to record interest expense. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (c) Prepare the journal entry on January 1, 2018, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2018
The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 315,000 $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022.
Adcock Company issued $276,000, 8%, 20-year bonds on January 1, 2015, at 105. Interest is payable semiannually on July 1 and January 1. Adcock uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2015 Prepare the journal entry to record the payment of interest and the premium amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2015 Prepare the journal entry to record the accrual of…
On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $1,060 for $99,400. The bonds had a stated rate of 5% and paid interest semiannually. What is the journal entry to record the first payment to the bondholders? If an amount box does not require an entry, leave it blank. Jun. 30 Interest Expense Interest Expense Cash Cash
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Oriole Company issued $510,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later I Debit 510000 Credit 510000 Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer
2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3D&takeAssignmentSessionLocator=&inprogress3false eBook Show Me How Calculator Print Item Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $18,200,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 11%, resulting in Chin receiving cash of $16,828,145. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Round your…
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tELLiy, you must enter your ID number on the first sheet! On January 1, 2020 Omsk Corporation issued Bonds pay interest each July 1 and January 1. 150,000 of 5 % bonds, due in 17 years 12 % market rate of interest. Assume Requirements (Round to 0 decimals, Rounding errors do not matter): 1. Compute market price of bonds. Provide detailed computation. Use functions in Excel 2. What is an amount of discount /premium? Indicate, what it is (discount or premium). Computation. 3. Prepare amortization schedule for first 5 years. Use formulas in Excel. 4. Prepare journal entry to record bond issue. 5. Prepare journal entry on July 1, 2020. 6. Prepare journal entry on December 31, 2020. 7. Prepare journal entry on January 1, 2021
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