The Blossom Company issued $260,000 of 10% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Blossom Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date  Account Titles and Explanation  Debit  Credit (a) Jan. 1, 2020 (b) July 1, 2020 (c) Dec. 31, 2020

Q: Chowan Corporation issued $198,000 of 8% bonds dated January 1, 2019, for $191,470.07 on January 1,…

A: Discount on bonds payable is first calculated which is the difference of Bonds par value and the…

Q: On December 31, 2019, Spearmint, Inc, issued $450,000 of 9 percent, 3-year bonds for cash of…

A: Interest payment  on June 30,2020 = Face value of bonds x rate of interest x no. of months/12 =…

Q: The Marin Company issued $240,000 of 13% bonds on January 1, 2020. The bonds are due January 1,…

A: The price of a bond is the present value of its cash flows. For a coupon bond, the cash flows are…

Q: On June 1, 2024, Ivanhoe, Inc. issued $6,880,000, 6% bonds for $6,743,260, which includes accrued…

A: Answer:-  Journal entry:- Journal entry is very much important for the business entities to record…

Q: Record the purchase of the bonds. 2. Prepare an investment interest income and discount amortization…

A: 1. Below is the Journal Entry for the Purchase of the Bonds Date  Particulars   Debit   Credit…

Q: Chowan Corporation issued $198,000 of 8% bonds dated January 1, 2019, for $191,470.07 on January 1,…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Stark Ltd sold IDR 6,200,000, 10%, 10-year bonds on January 1, 2019. The bonds were dated January i…

A: No. Date Account Titles and Explanation Debit Credit 1. January 1, 2019 Cash (IDR…

Q: On January 1, 2019 Sandhill Corporation issued $550,000, 7%, 5-year bonds at face value. Interest is…

A: Introduction: Journal entries serve as the primary building blocks for answering these and other…

Q: Volunteer Inc. issued bonds with a $600,000 face value, 8% interest rate, and a 4-year term on July…

A: Given Information: Bonds issued at face value       $600,000 Amount received…

Q: McNeil Corporation issued $750,000 of 6​%, 10​-year bonds payable on January​ 1, 2019. The market…

A: Introduction: Interest amount: Interest is charged on the Principal amount. Interest is calculated…

Q: On January 1, 2019, Shay Company issues $440,000 of 10%, 20-year bonds. The bonds sell for $429,000.…

A: Semiannual interest payment = face value of bonds x rate of interest x 6/12 = 440000*10%*6/12 =…

Q: The Pronghorn Company issued $390,000 of 11% bonds on January 1, 2025. The bonds are due January 1,…

A: Bonds issue result in discounts when the selling price is lower than the face value. The premium or…

Q: The Pronghorn Company issued $300,000 of 10% bonds on January 1, 2025. The bonds are due January 1,…

A: Bonds are issued either by government entities or by corporations. The premium on bonds arises when…

Q: On January 1, 2020, Riverbed Corporation redeemed $400,000 of bonds at 96. At the time of…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On January 1, 2019, Castle Services issued $177,000 of six-year, 12% bonds when the market interest…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The…

Q: Simko Company issued $800,000, 10-year, 6 percent bonds on January 1, 2021. The bonds were issued…

A: "Bonds" are debt securities issued by governments, cities, or companies when they need to raise…

Q: On January 1, 2019, Gates Corporation issued $100,000 of 5-year bonds due December 31, 2023, for…

A: A bond is type of legal paper or in accounting terms investment securities wherein an investor lends…

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: The Bridgeport Company issued $340,000 of 8% bonds on January 1, 2025. The bonds are due January 1,…

A: Bonds are issued either by government entities or by corporations. The premium on bonds arises when…

Q: 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31,…

A: Bond retirement means paying off the bond obligations to the investors. The bond requirement may…

Q: Mitchell Inc. received $568,547 from the issuance of 600, 6%, $1,000 bonds on January 1, 2020. The…

A: First, let's compute if there's a discount or premium on the bonds issued. Get the difference…

Q: Hillside issues $1,500,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest…

A: In this question, information related to bonds was given, on the basis of which we have to make an…

Q: On January 1, 2019, Gates Corporation issued $100,000 of 5-year bonds due December 31, 2023, for…

A: A bond is type of legal paper or in accounting terms investment securities wherein an investor lends…

Q: Deleau Equipment Ltd. issued 11%, five-year bonds with a face value of $80,240,000 on October 1,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On 01 March 2019, Bogota Limited issued $75,000 of 12%, Five year bonds at 110. The bonds were dated…

A: The objective of the question is to record the journal entries for the issuance of bonds, payment of…

Q: The Flounder Company issued $260,000 of 11% bonds on January 1, 2025. The bonds are due January 1,…

A: Bonds are issued either by government entities or by corporations. The premium on bonds arises when…

Q: The Kingbird Company issued $240,000 of 8% bonds on January 1, 2020. The bonds are due January 1,…

A: Bonds are the instrument by which company raises the money for a fixed interest payment as finance…

Q: Polk Incorporated issued $200,000 of 13% bonds on July 1, 2019, for $206,801.60. The bonds were…

A: The following computations are done for Polk Incorporation.

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Introduction: On January 1, 2020, Sheffield Company issued $648,000 of 10 percent, 20-year bonds at…

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 January 1, 2019, Shay Company issues $250,000 of 10%, 12-year bonds. The bonds sell for $243,750.…

A: Solution 1- Amount of  discount on bonds at issuance=Face value of bond issued-Actual proceeds from…

Q: The Blossom Company issued $310,000 of 10% bonds on January 1, 2020. The bonds are due January 1,…

A: Face value of bonds$310,000Issued at99Proceed received from issuance of bonds ($310,000 *…

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: The Blossom Company issued $260,000 of 10% bonds on January 1, 2020. The bonds are due January 1,…

A: Bonds Issue price = Face value of bonds x issue price = $260,000 x 98/100 = $254,800

Q: The Martinez Company issued $230,000 of 12% bonds on January 1, 2020. The bonds are due January 1,…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…