Salem Corporation borrowed $45,000 on June 1st, 2016. Salem signed a 3-year 6% interest-bearing note. What is the adjustment amount to accrue interest on December 31, 2017? a. $2,700 b. $1,350 c. $900 d. $675
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market rate of 4%. The bonds paid interest semi-annually on June 30 and Dec. 31. How much money did the company receive when the bonds were issued? The bonds would be quoted at what rate?What i s the adjustment amount to accrue interest on december 31,2017 ?
- On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interest due on November 1 of each succeeding year. On November 1, 2020, what is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.) OA. $38,400 OB. $64,000 OC. $12,800 O D. $51,200On September 30, 2022 World Company borrowed P1, 000, 000 on a 9% note payable. The entity paid the first of four quarterly payments of P264, 200 when due on December 31, 2022. 1. What amount should be reported as interest expense for 2022? A. 90, 000 В. 22,500 C. 67,500 D. 30,000 2. On December 31, 2022, what is the carrying amount of the note payable? A. 758, 300 В. 750, 000 С. 825, 800 D. 735, 800Blue Spruce Corp. lends Dobson industries $ 60000 on August 1, 2017, accepting a 9-month, 6% interest note. If Blue Spruce Corp. accrued interest at its December 31, 2017 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 62700 Notes Receivable 60000 Interest Revenue 2700 Notes Receivable 60000 Interest Receivable 1500 Interest Revenue 1200 Cash 62700 Cash 62700 Notes Receivable 60000 Interest Receivable 1500 Interest Revenue 1200 Cash 62700 Notes Receivable 62700
- Company A received a 5-year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the amount that shall be reported on the statement of financial position on December 31, 2022, as Notes Receivable (net of discount or premium)?Superior Drive-Ins Ltd. borrowed money by issuing $4,500,000 of 6% bonds payable at 96.5 on July 1, 2018. The bonds are 10-year bonds and pay interest each January 1 and July 1. Requirements 1. How much cash did Superior receive when it issued the bonds payable? Journalize this transaction. 2. How much must Superior pay back at maturity? When is the maturity date? 3. How much cash interest will Superior pay each six months? 4. How much interest expense will Superior report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December 31, 2018, and the payment of interest on January 1, 2019.On December 31, 2018, when the market interest rate is 10%, Willis Realty issues $1,000,000 of 11.25%, 10-year bonds payable. The bonds pay interest semiannually. Willis Realty received $1,077,988 in cash at issuance. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round to the nearest dollar.) Interest Carrying Cash Paid Expense Amortized Amount 12/31/2018 06/30/2019 12/31/2019 Requirement 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. (Record debits first, then credits. Select explanations on the last line of the…
- Don't use ai given answer accounting questionsOn December 1, 2024 Modern Deing Products borrowed $97,000 on a 0% 10-year note with annual installment payments of $9 700 plus interest due on December 1 of each succeeding year On December 1. the principal was recorded as a What amount of the nole will be shown as portion of 20247 (Round your answer to nearest whole number) Nole Payable on OA $19,400 OB $15.500 OC. $9,700 OD $5,820Provide Accurate Answer
