CengageNOWv2|genow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionⒸLIABILITIES AND EQUITIES COM Xmported from Inte...look2019 Coaching SShow Me HowPremium on Bonds PayablePonds Payable✓a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank.AccountDebitCreditFeedbackInterest ExpensePremium on Bonds PayableCashKIDS SCHOOOL CL...20.811.010stries for issuing bonds and amortizing premium by straight-line methodmiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $20,000,000 of 5-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. Interest isayable semiannually on April 1 and October 1.000Check My WorkThe market rate of interest is less thanLocator=&inprogress=falsePortal - Log...Family Portal - Log... IDES R My account | Roku...SmartAid Familyb. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for 6 months, using the straight-line method. If an amount box does not require an entry, leave it blank.Debit CreditAccount000Crack My WorkBonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of thebond.c. Why was the company able to issue the bonds for $20,811,010 rather than for the face amount of $20,000,000?A"✔ the contract rate of interest.2019 RENTALS SCR...OAll work saved.Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of thebond.to+ Entries for issuing bonds and amortizing premium by straight-line methodSmiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $20,000,000 of 5-year, 9% bonds at a market (effective) interest ratepayable semiannually on April 1 and October 1.a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank.AccountDebitCreditCashPremium on Bonds PayableBonds PayableFeedbackMe HowInterest ExpensePremium on Bonds PayableCashCheck My WorkBonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equalbond.Feedbackb. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for 6 months, using the straight-line method. If an amount box does notAccountDebit CreditCheck My Work20,811,010000The market rate of interest is less thanFeedback000000vly account | Roku...Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amountsbond.hc. Why was the company able to issue the bonds for $20,811,010 rather than for the face amount of $20,000,000?✓the contract rate of interest.

Bonds are the liability on which a specific percentage of interest has to be paid over the life time…

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tries for issuing bonds and amortizing premium by straight-line method miley Corporation wholesales repair products to equipment manufacturer ayable semiannually

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $980,000 of 10-year, 11% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it…
Bond Investment TransactionsJournalize the entries to record the following selected bond investment transactions for Starks Products:For a compound transaction, if an amount box does not require an entry, leave it blank.a. Purchased for cash $72,000 of Iceline, Inc. 9% bonds at 100 plus accrued interest of $1,080, paying interest semiannually. b. Received first semiannual interest payment. c. Sold $48,000 of the bonds at 103 plus accrued interest of $550.
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $8,500,000 of 8-year, 6% bonds at a market (effective) interest rate of 4%, receiving cash of $9,654,106. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. Cash fill in the blank fill in the blank Premium on Bonds Payable fill in the blank fill in the blank Bonds Payable Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense fill in the blank fill in the blank Premium on Bonds Payable fill in the blank fill in the…
Entries for issuing bonds and amortizing premium by straight-line method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $6,400,000 of 4-year, 7% bonds at a market (effective) interest rate of 5%, receiving cash of $6,858,887. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. Cash Account Premium on Bonds Payable Bonds Payable Cash Interest Expense Premium on Bonds Payable Account Feedback Debit Check My Work 6,858,887 0 b. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for 6 months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Debit 0 Credit 000 0 6,400,000 Credit nt fare value. Any difference in issue price is reflected in a premium or discount…
Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $22,000,000 of 20-year, 4% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 Nov. 1 Paid the interest on the bonds. 20Y9 Issued the bonds for cash at their face amount. Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Issued the bonds for cash at their face amount. 20Y5 May 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.). 20Y9 Nov. 1
Payable journal Entries; Straight - Line Interest Amortization and discount tamortization (staight ine interest method on June On December 31, Brown Company issued $450,000 of 20 -year, eight percent bonds payable for $377,784 yielding an effective interest rate of tem percent, interest is payable senttannually on June 30 and December 31. Prepare joumal entries to reflect (a) the issuance of the bonds, (b) the semiannual interest payment a 30, and (c) the semiannual interest payment and discount amortization on December 31.
Discount Amortization On the first day of the fiscal year, a company issues a $9,000,000, 11%, 7-year bond that pays semiannual interest of $495,000 ($9,000,000 × 11% × ½), receiving cash of $8,188,753. Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense fill in the blank 2 fill in the blank 3 Discount on Bonds Payable fill in the blank 5 fill in the blank 6 Cash fill in the blank 8 fill in the blank 9
Entries for issuing bonds and amortizing premium by straight-line method Smiley Company wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $2,400,000 of 5-year, 9% bonds at a market (effective) interest rate of 7%, receiving cash of $2,599,598. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for 6 months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. c. Why was the company able to issue the bonds for $2,599,598 rather than for the face amount of $2,400,000? The market rate of interest is the contract rate of interest.
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $1,700,000 of 4-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $1,812,130. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. Interest Expense- b. Journalize the entry to record the first interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. c. Why was the company able to issue the bonds for $1,812,130 rather than for the face amount of…
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Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $20,000,000 of five-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, Year 1. For a compound transaction, if an amount box does not require an entry, leave it blank.
Premium Amortization On the first day of the fiscal year, a company issues a $8,700,000, 10%, 6-year bond that pays semiannual interest of $435,000 ($8,700,000 x 10 % x V), receiving cas of $9,516,500. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank €88