Question Content Area On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 x 8% × 1/2), receiving cash of $884,177. Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank. blank
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Question Content Area
On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 x 8% × 1/2), receiving cash of $884,177.
If an amount box does not require an entry, leave it blank.
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- On the first day of the fiscal year, a company issues a $1,900,000, 10%, 9-year bond that pays semiannual interest of $95,000 ($1,900,000 × 10% × ½), receiving cash of $1,793,160. Journalize the bond issuance. If an amount box does not require an entry, leave it blank. Cash debit 1793160 Discount on bonds payable bonds payable cant figure out the last two.Entries for issuing bonds and amortizing discount by straight line method On the first day of its fiscal year, Chin Company issued $26, 500, 000 of 5 - year, 7% 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 8%, resulting in Chin receiving cash of $25,425, 200. Question Content Area a. Journalize the entries to record the following: Issuance of the bonds. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 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. EntriesAccount DebitCredit 1. 2. 3. Question Content Area b.Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Favreau Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Favreau Corporation issued $3,600,000 of 6-year, 8% bonds at a market (effective) interest rate of 6%, receiving cash of $3,958,346. Interest is payable semiannually on April 1 and October 1. Question Content Area a. Journalize the entry to record the issuance of bonds on April 1. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the first interest payment on October 1 and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. - Select - - Select…
- Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $8,100,000 of 9-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $7,644,536. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. For a compound transaction, if an amount box does not require an entry, leave it blank. 2. Journalize the entries to record the following: For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answer to the nearest dollar. a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond discount, using the straight-line method. b. The interest payment on June 30, Year 2, and the amortization of the bond…Journalizing Installment Notes On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that have annual payments of $5,415, The first note payment consists of $1,750 of interest and $3,665 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an anmount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.On the first day of the fiscal year, a company issues a $7,300,000, 8%, 10-year bond that pays semiannual interest of $292,000 ($7,300,000 × 8% × ½), receiving cash of $5,991,433. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
- Instructions On January 1, the first day of the fiscal year, a company issues a $700,000, 5%, 10-year bond that pays semiannual interest of $17,500 ($700,000 x 5% x ½ year), receiving cash of $700,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date December 31. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDITIssuing Bonds at Face Amount The first day of the fiscal year, a company issues a $700,000, 6%, 10-year bond that pays semiannual interest of $21,000 ($700,000 x 6% x 2 year), receiving cash of $700,000. a. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the first interest payment. If an amount box does not require an entry, leave it blank. C. Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank.Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $250,000, 8%, 10-year bond that pays semiannual interest of $10,000 ($250,000 x 8% x ½ year), receiving cash of $250,000. (a) Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank. (b) Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank. (c) Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank. 8
- Issuing Bonds at a Premium On January 1, the first day of the fiscal year, a company issues an $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000 ($2,000,000 x 5% x ½), receiving cash of $2,102,260. Required: Journalize the bond issuance. Refer to the chart of accounts for the exact wording of the account titles. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3Discount Amortization On the first day of the fiscal year, a company issues a $4,600,000, 7%, 6-year bond that pays semiannual interest of $161,000 ($4,600,000 x 7% x ), receiving cash $3,988,436. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable Cash 161,000On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 8% x 1/2), receiving cash of $884,177 Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles On the first day of the fiscal year, a company issues an $698,000, 6%, 5-year bond that pays semiannual interest of $20,940 (5698,000 6% 1/2), receiving cash of $656,120 Required: Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles