Sunset Corporation issued a one-year, 10%, $500,000 note on July 1, 2023. Interest expense for the year ended December 31, 2023 was: Options: a) $20,000 b) $25,000 c) $40,000 d) $50,000
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- Summit Inc. issued a one-year, 9%, $250,000 note on October 1, 2022. What was the interest expense for the year ended December 31, 2022? A. $5,625 B. $6,750 C. $22,500 D. $4,500On January 1, 2020, a company issued a $30,000 three-year, 4% note payable, repayable in 12 quarterly installments with fixed principal payments. How much would be presented as the current portion of note payable on the December 31, 2020 balance sheet? Group of answer choices $2,500 $10,000 $2,600 $11,200On January 1, 2018 ABC Corporation issued a five-year $1,000,000, 8%, at $1,250,000. Interest is paid annually on December 31. The market rate of interest is 5%. Required: Using the effective interest rate method, what is the interest expense at December 31, 2018? Interest Expense at December 31,2018 = $___________________________ What is the carrying value of the bond at December 31, 2018? Carrying value of bond on December 31, 2018 = $ ________________________ What is the carrying value of the bond at January 1, 2023? Carrying value of the bond at January 1, 2023 =$_________________________
- McDorral Corporation issued $100,000 of 10%, 11-year bonds payable on January 1, 2020, for $92,480. The market interest rate when the bonds were issued was 12%. Interest is paid semi-annually on January 1 and July 1. The first interest payment is July 1, 2020. Using the effective-interest amortization method, how much interest expense will McDorral record on July 1, 2020? A. $5,000 OB. $5,228 C. $6,772 D. $6,000 O E. $5,549On January 1, 2020, $3,000,000, 10-year, 10% bonds, were issued for $2,910,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the monthly amortization amount is Group of answer choices $29,100 $9,000 $2,424 $750On September 1, 2019, Donna Equipment signed a one-year, 8% interest bearing note payable for $100,000. Assuming Donna maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2020 income statement for this note would be (assume 12 months per calendar year): Select one: a. $1,333 b. $4,000 C. $3,000 d. $5,333
- On March 1, 2024, Lewis Services issued a 10% long - term notes payable for $24,000. It is payable over a 6– year term in $4000 principal installments on March 1 of each year, beginning March 1, 2025. Which of the following entries needs to be made on March 1, 2024? O A. Current Portion of Long - Term Notes Payable Long- Term Notes Payable 24,000 24,000 O B. Long - Term Notes Payable Accounts Payable 24,000 24,000 O C. Long - Term Notes Payable 4000 Cash 4000 O D. Cash 24,000 Long - Term Notes Payable 24,000At January 1, 2021, Brant Cargo acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%.Required:1. Prepare the journal entry for Brant Cargo to record the purchase of the equipment.2. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2021.3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2022.At January 1, 2021, Brant Cargo acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:1. to 3. Prepare the necessary journal entries for Brant Cargo 1. Record the purchase of equipment. January 01, 2021 2. Record the interest expense. December 31, 2021 3. Record the interest expense. December 31, 2022
- A company issues $25200000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $24701221. Using effective-interest amortization, how much interest expense will be recognized in 2020?On January 1, 2019, Tonika Company issued a five-year, $10,000, 8% bond. The interest is payable annually each December 31. The issue price was $9,611 based on an 9% effective interest rate. Tonika uses the effective-interest amortization method. The December 31, 2020 book value after the December 31, 2020 interest payment was made is closest to: Multiple Choice $9,605. $9,747. $9.611. $9,676.Tolino Company signed a 5-year note payable on January 1, 2020, of $200,000. The note requires annual principal payments each December 31 of $40,000 plus interest of 6%. The entry to record the annual payment on December 31, 2021, includes:
