Prepare the journal entry to record the payment of interest on August 1, 2023.
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On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Martinez’s year-end is December 31.
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- Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. Prepare the journal entry to record the payment of interest on January 1, 2023.Sunland Electric sold $6,960,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2022 Debit CreditOn January 1, 2025, Shamrock Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were issued for $643,152, and pay interest each July 1 and January 1. Shamrock uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. (a) (b) (c) Date Jan. 1, 2025 July 1, 2025 Dec. 31, 2025 Account Titles and Explanation Debit Cre
- Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,641,812. Required: 1. Prepare the January 1 journal entry to record the bonds’ issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments.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?On July 1, 2018, McNamara Company issued for $598,964, 10%, 20-year bonds with a face value of $500,000. Interest is paid semiannually on December 31 and June 30. The bonds were issued to yield 8%. The company uses the straight-line method to recognize interest expense. What is the carrying amount of the bonds on the company's December 31, 2019, balance sheet (rounded to the nearest dollar? This is the answer, how do you get here? C) $591,542
- On January 1, 2020, Swifty Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were issued for $423,784, and pay interest each July 1 and January 1. Swifty uses the effective-interest method.Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%.On January 1, 2019, JWS Corporation issued $600,000 of 7% bonds,due in 10 years. The bonds were issued for $559,224, and pay interest each July 1and January 1. Prepare the company's journal entries for (a) the January 1issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry.Assume an effective-interest rate of 8%.Flamingo Inc. issued $2,000,000, 5%, 5-year bonds on January 1, 2019, at 104. Interest is payable annually on December 31. Flamingo uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events.
- On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for $1,104,000 plus accrued interest. The market rate of interest was 9%.The bonds pay interest semiannually on june 30 and december 31,.Green's fiscal year ends on December 31 each year. Determine the amount of accrued interest that was included in the proceeds received from the bond sale. Prepare the journal entry for the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Need answer in detail with explanation computation formulas with stepsOn January 1, 2018, Paradiso Company issued 1,000 of its 8%, $1,000 bonds at 93. Interest is payable semiannually on June 30 and December 31. The bonds will mature on December 31, 2027. If the company uses straight-line amortization, determine the amount of interest expense for 2018. answer is 87,000 how do you get there?Hasley Company issued $800,000, 11%, 10-year bonds on December 31, 2018, for $730,000. Interest is payable annually on December 31.The Company uses the straight-line method to amortize 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.) Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
