Strick Sticky Corp. is authorized to issue $2,000,000 of 8%, ten year bonds payable. On February 1, 2019 when the market interest rate is 6.75%, the company issue $400,000 of the bonds at 105, and incurred bond issue cost of $15,000. Strick Stricky measures interest expenses by the effected interest method. The bonds pay interest semi-annually on June 30th and December 31st Prepare entry on page 2 of the General Journal on February 1, 2019 Prepare an amortization table for the first four semi-annual interest periods. Record the first semi- annual interest expense on June 30.

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: The bonds are the financial instruments that are issued to raise the funds from the market or…

Q: On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On December 31, 2018 Brown Company issued $600,000 of 15-year, 11% bonds payable for $558,706,…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

A: Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash $311,500…

Q: Temple Company has $500,000 of 9% bonds that pay interest on June 30 and December 31 and have an…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Bonds are issued at a face value of $864,000.

Q: Sheridan Company issued $279,000, 9%, 15-year bonds on December 31, 2021, for $267,840. Interest is…

A: In the given question we need to prepare the journal entries for following: (a)The issuance of the…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: issued $630,000, 9%, 5-year bonds at face value.

A: Journal entries refers to the act of making transactions in the form of either economic or…

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

A: Answer: Date Particulars Debit ($) Credit ($) January 1, 2021 Interest on Bonds A/c 21,805…

Q: Bryan Company issued $780,000 of 8% face value bonds on January 1, 2019, for $763,800. The bonds are…

A:

Q: On January 1,2025 Waterway Corporation issued $390,000 of 9%% bonds, due in years. The bond issued…

A: Bonds are often utilized by both public and private sectors to generate capital for a variety of…

Q: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July…

A: Annual interest payment = Face value of bonds x rate of interest x 1 years = $500000 x 10% x 1 =…

Q: Valdez issues $450,000 of 13%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: Since there are multiple sub parts, the calculation will be given for first three sub parts. To get…

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest…

A: The question is based on the concept of the issue of securities. As per Bartleby guidelines we are…

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest…

A: Please note: Since you have posted a question with multiple sub-part, we will solve the first three…

Q: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Hillside issues $1,900,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest…

A: Face value of bond = $ 1,900,000                             Issue price of bond = $ 1,641,812…

Q: On July 1, 2018, McNamara Company issued for $598,964, 10%, 20-year bonds with a face value of…

A: Premium on Bonds = Issue price - Face value                                  = $598964-500000…

Q: On January​ 1, 2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Flamingo Inc. issued $2,000,000, 5%, 5-year bonds on January 1, 2019, at 104. Interest is payable…

A: Bonds: Bonds are the long-term promissory notes that are issued by a company while borrowing money…

Q: On January 1, 2019, Mullens Sales issues $10,000 in bonds for $9,400. The bonds are five-year bonds…

A: First, compute the discount on bonds payable as shown below: Discount on bonds payable = $10,000 -…

Q: A. July 1, 2020: entry to record issuing the bonds. B. June 30, 2021: entry to record payment of…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: On January 1, 2020, Trapp Enterprises issued 9%, 10-year bonds with a face amount of $900,000 at 96.…

A: Please find below the entries -

Q: Lennar Inc. issued $100,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20…

A: May1,2021 Cash  239,588     Bond payable    200,000   Premium bond payable    39,588

Q: On January 1, 2019, Legion Company sold OMR 50,000 of 10% ten-year bonds. Interest is payable…

A: Formulas: Interest expense = Issue price * Yield

Q: On January​ 1,2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with face…

A: Premium on bonds payable = 900,000 * 8% = $72,000 Premium on bonds payable on June​ 30, 2018…

Q: On January 1, 2019, Black Corporation issued P6, 000,000 of 7% bonds, due in 10 years. The bonds…

A: A bond is basically an interest-bearing loan instrument that is issued by the companies in order to…