The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date 11, 2025 1.2025 31, 2025 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Debit 329800 15480 1020 15480 Credit 340000 10200 16500
The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date 11, 2025 1.2025 31, 2025 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Debit 329800 15480 1020 15480 Credit 340000 10200 16500
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 8E
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![The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable
each July 1 and January 1. The bonds were issued at 97.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line
amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
1.1, 2025
1.2025
31, 2025
Account Titles and Explanation
Cash
Bonds Payable
Premium on Bonds Payable
Interest Expense
Premium on Bonds Payable
Cash
Interest Expense
Debit
329800
15480
1020
15480
Credit
340000
10200
16500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1e02f15-268d-402d-b4f7-688ecb0604a4%2F79aa6fbd-071c-4ac0-8107-b91f2582c208%2Fe346ejg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable
each July 1 and January 1. The bonds were issued at 97.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line
amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
1.1, 2025
1.2025
31, 2025
Account Titles and Explanation
Cash
Bonds Payable
Premium on Bonds Payable
Interest Expense
Premium on Bonds Payable
Cash
Interest Expense
Debit
329800
15480
1020
15480
Credit
340000
10200
16500
![The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable
each July 1 and January 1. The bonds were issued at 97.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line
amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
1.1, 2025
1.2025
31, 2025
Account Titles and Explanation
Cash
Bonds Payable
Premium on Bonds Payable
Interest Expense
Premium on Bonds Payable
Cash
Interest Expense
Debit
329800
15480
1020
15480
Credit
340000
10200
16500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1e02f15-268d-402d-b4f7-688ecb0604a4%2F79aa6fbd-071c-4ac0-8107-b91f2582c208%2F6q8ap3j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Ivanhoe Company issued $340,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable
each July 1 and January 1. The bonds were issued at 97.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Ivanhoe Company records straight-line
amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
1.1, 2025
1.2025
31, 2025
Account Titles and Explanation
Cash
Bonds Payable
Premium on Bonds Payable
Interest Expense
Premium on Bonds Payable
Cash
Interest Expense
Debit
329800
15480
1020
15480
Credit
340000
10200
16500
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