Req 1Req 2 to 4Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and intereston December 31, 2021 (at the effective rate). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select"No journal entry required" in the first account field.)View transaction list1 Record the bond issuance by the Bradford Company.2 Record the interest on June 30, 2021 (at the effectiverate).3 Record the interest on December 31, 2021 (at theeffective rate).Note : =journal entry has been enteredXCredit The Bradford Company issued 10% bonds, dated January 1, with a face amount of $94 million on January 1, 2021. The bonds mature onDecember 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)Required:1. Determine the price of the bonds at January 1, 2021.2. to 4. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021and interest on December 31, 2021 (at the effective rate).Complete this question by entering your answers in the tabs below.Req 1Req 2 to 4Determine the price of the bonds at January 1, 2021. (Enter your answer whole dollars.)Price of bonds105,714,524$< Req 1Req 2 to 4 >

The journal entry can be defined as the very first step where a transaction is entered into books of…

Req 1 Req 2 to 4 Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the bond issuance by the Bradford Company. 3 2 Record the interest on June 30, 2021 (at the effective rate). Record the interest on December 31, 2021 (at the effective rate). X >

Req 1 Req 2 to 4 Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the bond issuance by the Bradford Company. 3 2 Record the interest on June 30, 2021 (at the effective rate). Record the interest on December 31, 2021 (at the effective rate). X >

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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Exercise 9-71 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line) On January 1, 2020, Harrington Corporation sold $100,000 of 15-year, 11% bonds. The bonds sold for $96,000 and pay interest semiannually on June 30 and December 31. Required: 1. Prepare the journal entry to record the sale of the bonds. 2020 Jan. 31 Record issuance of bonds at discount 2. Calculate the amount of the cash semiannual interest payment. Round your answer to the nearest whole dollar, if required. 3. Prepare the entry at June 30, 2020, to recognize the payment of interest and interest expense. Round your answers to the nearest whole dollar, if required. 2020 June 30 Record interest expense 4. Calculate the annual interest expense for 2020. Round your answer to the nearest whole dollar, if required.
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Record bond issue record the first semiannual interest payment record the second semiannual interest payment
Ch Required information The following information applies to the questions displayed below.] Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 when the market rate is 8%. 4. Prepare the journal entries to record the first two interest payments. View transaction list View journal entry worksheet No Date General Journal Debit Credit June 30 Bond interest expense Discount on bonds payable Cash 8,125 December 31 Bond interest expense Discount on bonds payable 8,125 Cash
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On January 1, Boston Enterprises issues bonds that have a $1,650,000 par value, mature in 20 years, and pay 10% interest semiannually on June 30 and December 31. The bonds are sold at par. 1. How much interest will the issuer pay (in cash) to the bondholders every six months? 2. Prepare journal entries to record (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the second interest payment on December 31. 3. Prepare the journal entry for issuance assuming the bonds are issued at (a) 95 and (b) 105. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the second interest payment on December 31.
Create T accounts for the following data Date Account name debit credit Jan 1 Cash 180000 Building 630000 Land 220000 Common stock 700000 Premium on issue of common stock 280000 Jan 1 Pre paid insurance 72000 cash 72000 Feb 1 cash 150000 3yr 4% note payable 150000 Mar 1 Cash 280000 Service revenue 280000 Jul 1 cash 485000 Discount on bond issued 15000 6% 5yr 500000 Dec 31 Interest on Bond expense 15000 cash 15000 Dec 31 Interest on note payable expense 29052 5yr 6% note payable 25000 cash 54052 Dec 31 Dividend 40000 Dividend payable 40000 Dec 31 Depreciation expense 21000 Accumulated Depreciation 21000 Dec 31 Insurance Expense 36000 prepaid insurance 36000
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Subject- accounting