Pharoah Company issues $280,000, 20-year, 7% bonds at 102. Prepare the journal entry to record the sale of these bonds on June 1, 2020. what is the account title or explanation? what is debit or credited
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Pharoah Company issues $280,000, 20-year, 7% bonds at 102. Prepare the
what is the account title or explanation?
what is debit or credited?
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- Please answer question completely. This is one question with multiple parts please answer each part correctly and completelyLaudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable annually on January 1, 2021. Instructions: Prepare the journal entries to record the following events. a. The issuance of the bonds. b. The accrual of interest and amortization of the discount on December 31, 2020. c. The payment of interest on January 1, 2021. d. Calculate the carrying value of the bond on 12/31/20. #2 Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2019, at 104. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount. Instructions: Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest December 31, 2020. (Extra credit for amortization of the premium entry) c. The redemption of the bond at maturityOn Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable What is the journal entry to record the issuance of the bonds? What is the journal entry to record the first interest payment?
- The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020. 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, 2020. what is the account title or explanation? what is debit or credited?Please help find issue price of bonds Requirements- Using PV function in excel calculate issue price of bonds Prepare effective interest amortization table for bonds through the first three interest payments Record ranking corporations issuance of bonds on March 31 2018. And payment of first semiannual interest amount and amortization of bond and discount on September 30,209. Explanations are not required.On January 1, Pina Inc. issued $101050000, 9% bonds at 103. The journal entry to record the issuance of the bonds will include O a credit to Bonds Payable for $104081500. a credit to Interest Expense for $3031500. O a credit to Premium on Bonds Payable for $3031500. O a debit to Cash for $101050000.
- part 1: Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) *first screenshot is part 1 part 2: Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) *second screenshot is part 2The following section is taken from Oriole Ltd.s balance sheet at December 31, 2019. Non-current liabilities Bonds payable, 7%, due January 1, 2024 HK$ 1,585,000 Current liabilities Interest payable 110,950 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Journalize the payment of the bond interest on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 eTextbook and Media List of Accounts Debit Credit Assume that on January 1, 2020, after paying interest, Oriole calls bonds having a face value of $503,000. The call price is 103. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 eTextbook and Media List of Accounts Debit Credit Prepare the entry to record the accrual of interest on December 31, 2020. (Credit…Hawar Company issued $400,000 of bonds on January 1, 2020. Required: Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium on Bonds Payable is $4,000. For the toolbar presS ALT+F10 (PC) or ALT+EN+F10 (Mac)
- SagarOn August 1, 2022, Skysong, Inc. issued $450,000, 10%, 10-year bonds at face value. Interest is payable annually on August 1. Skysong's year-end is December 31. (a) 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 Aug. 1 Date Account Titles and Explanation (b) Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dec. 31 Debit Date Account Titles and Explanation Aug. 1 Debit Credit Prepare the journal entry to record the payment of interest on August 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit CreditPharoah Company issued $500,000 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 Debit Credit
