Question 17 of 17 Saved What journal entry should be recorded on 12/31/2011 related to the bond? No Journal Entry Required PART C What journal entry should be recorded on 4/30/2012 related to the bond? Account Debit Credit 16 On 11/2011, Emard Inc issued a 5-year bond with a par value of $180,000 and an annual stated rate of 6%. Interest is 12 4 30 10 31' paid semi-annually each and and the market rate (yield) is 6%. The company's year-end is PART A What 31 journal entry should be recorded on 11/1/2011 for the issuance of the bond? PART B What journal entry should be recorded on 12/31/2011 related to the bond? Account Debit Credit
Question 17 of 17 Saved What journal entry should be recorded on 12/31/2011 related to the bond? No Journal Entry Required PART C What journal entry should be recorded on 4/30/2012 related to the bond? Account Debit Credit 16 On 11/2011, Emard Inc issued a 5-year bond with a par value of $180,000 and an annual stated rate of 6%. Interest is 12 4 30 10 31' paid semi-annually each and and the market rate (yield) is 6%. The company's year-end is PART A What 31 journal entry should be recorded on 11/1/2011 for the issuance of the bond? PART B What journal entry should be recorded on 12/31/2011 related to the bond? Account Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question 17 of 17 Saved What journal entry should be recorded on 12/31/2011 related to the bond? No Journal Entry
Required PART C What journal entry should be recorded on 4/30/2012 related to the bond? Account Debit Credit 16 On
11/2011, Emard Inc issued a 5 - year bond with a par value of $180,000 and an annual stated rate of 6%. Interest is
4
30
10
31'
paid semi-annually each and and the market rate (yield) is 6%. The company's year-end is
12
PART A What
31
journal entry should be recorded on 11/1/2011 for the issuance of the bond? PART B What journal entry should be
recorded on 12/31/2011 related to the bond? Account Debit Credit
What journal entry should be recorded on 12/31/2011 related to the bond?
Account
Interest Expense (+Exp)
Cash (-A)
No Journal Entry Required
PART C
What journal entry should be recorded on 4/30/2012 related to the bond?
Account
16
Debit
5,400.00
Debit
Credit
Credit
5,400 00
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