Ward Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2013, at 104. The journal entry to record the issuance will show a   Question 7 options:   debit to Cash of $5,000,000.   credit to Premium on Bonds Payable for $200,000.    credit to Bonds Payable for $5,040,000.   credit to Cash for $5,020,000.

Q: 1.Prepare the journal entry on January 1, 2021, to record interest paid.

A: Given information is: Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1,…

Q: Superior ​Drive-Ins Ltd. borrowed money by issuing $4,500,000 of 6​% bonds payable at 96.5 on…

A: Journal entries refers to the entries which are passed to record all the events or the transactions…

Q: The Maria Miller Company issued $480,000 of 10%  20 yr bonds on January 1, 2025 at 103. Interest is…

A: A Bond is a fixed income that is made by investors, debtholders, or creditors to borrowers used by…

Q: The Reagan Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2014, at 92. The…

A: JOURNAL ENTRIES   Journal Entry is the First stage of Accounting Process. Journal Entry is the…

Q: On January 1, 2022, Sheridan Company issued $2,060,000 face value, 8%, 10-year bonds at $1,927,796.…

A: Part a:

Q: Yanik Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 97. The journal…

A: INTRODUCTION: Bonds are units of corporate debt issued by firms and securitized as tradeable assets.…

Q: On January 1, 2018, Wawatosa Inc. issued 7-year bonds with a face value of $100,000 and a stated…

A: Issue price of the bonds = Present value of principal + Present value of interest payments where,…

Q: On January 1, 2018, Thomas Company issued $100,000, 5-year, 12% bonds, with interest payable…

A: Bond is a financial instrument used to raise funds from public by various companies or institutions…

Q: On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of…

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

Q: Hartley Corporation issued $560,000 of 5%, 10-year bonds payable on March 31, 2022. The market…

A: Face Value of the bonds = $576,000Life = 10 YearsCoupon rate = 5% p.a.Market rate of interest = 8%…

Q: On 1 April, year 1, Happy Corporation issues $50 million of 10%, 30-year bonds payable at par.…

A: Journal entry to record first cash payment to bondholders:

Q: PPetzelmaniá, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1,…

A: The bonds are issued at par when market rate is similar to coupon rate of bonds.

Q: Blue Spruce Corp. issues 6400, 10-year, 8%, $1000 bonds dated January 1, 2017, at 101. The journal…

A: Answer is option a)  credit to Bonds Payable for $6400000.

Q: Mitchell Inc. issued 40, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest…

A: The amount at which a bond is sold in the financial markets is called its selling price. generally,…

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: Pharoah Company issues $3,000,000, 10-year, 7% bonds at 93, with interest payable each January 1.…

A: Definition:   Bonds: Bonds are a kind of interest bearing notes payable, usually issued by…

Q: On June 30, 2020, Oriole Company issued $4,880,000 face value of 13%, 20-year bonds at $5,247,120, a…

A: As you have posted multiple independent questions, we are answering the first question. Kindly…

Q: On the first day of the fiscal year, a company issues a $6,400,000, 6%, 9-year bond that pays…

A: A bond is a fixed income instrument that works like a loan for an investor and for a borrower. Bonds…

Q: de, Inc. issued $758,000 of bonds on December 15, 2022, when the market rate of interest was 6%. The…

A: Here are the journal entries to record the issuance of the bonds on December 15, 2022, and the…

Q: Hillside issues $2,900,000 of 9%, 15-year bonds dated January 1, 2021, that pay interest…

A: Lets understand the basics. When bond is issued for more or less than the face value of bond then…

Q: Kingbind, Inc. issues $4.1 million, 10-year. 9% bonds at 102, with interest payable on January 1.…

A: Solution: Journal entries : The straight line method :

Q: A company issued 14%, 5-year bonds with a par value of $5,000,000 on January 1, 2003. Interest is to…

A: We have the following information: Company issued 14%, 5-year bonds with a par value of $5,000,000…

Q: Pretzelmania, Incorporated, issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on…

A: Bonds Payable is documentary evidence given by the payer to the payee This act as a promissory note…

Q: On January 1, 2008, P5,000,000, 5-year, 10% bonds, were issued for P4,850,000. Interest is paid…

A: Bonds are form of debt or loan that is being issued by the business, on which regular interest…

Q: Colwood Candies issued $370,000 of 12%, five-year bonds on January 1, 2020, when the market interest…

A: Amortization schedule is the one which is prepared to record the interest incurred during a period,…

Q: National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January…

A: As posted multiple sub parts in questions we are answering only first 3 sub parts kindly repost the…

Q: Grocery Corporation received $300,652 for 12.50 percent bonds issued on January 1, 2018, at a market…

A: The bonds are issued to raise the money from the market or investors. The bonds are issued at…

Q: Pharoah Company issues $280,000, 20-year, 7% bonds at 102. Prepare the journal entry to record the…

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

Q: On July 1, a company issues a $1,000,000, 7%, five-year bond that pays semiannual interest of…

A: The discount on issue of bond is amortized over the life of the bond When the same amount of bond…

Q: On the first day of the fiscal year, a company issues a $1,100,000, 6%, 9-year bond that pays…

A: When a bond issued for a amount more than its face value then the excess amount received would be…

Q: On June 30, 2024, LN Bean issued $25 million of its 8% bonds for $23 million. The bonds were priced…

A: Interest expense is the amount of charge which is paid by the person who uses the funds. In this…

Q: A company issues bonds with a $100,000 par value, an 8% annual contract rate, semiannual interest…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January…

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

Q: Blossom Company issues $2.10 million, 10-year, 7% bonds at 97, with interest payable each January 1.…

A: Proceeds from issue of bonds = Face value of bonds x issue price /100 = $2100000*97/100 = $2037000

Q: 3.  On July 1, 2018, Volunteer Inc. issued bonds with a $500,000 face value at 108.0 and the 5-year…

A: Journal entries are the primary method used to record financial transactions in accounting. They are…

Q: 2.  On July1, 2018, Dixon Inc. issued bonds with a $500,000 face value at 96.0 and the 5-year bonds…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: Sunland Company issues $220,000, 20-year, 8% bonds at 103. Prepare the journal entry to record the…

A: Journal entries are those which are recorded for every transaction which takes place during the…

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: The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022.…

A: Bond- A bond is a fixed profit protection that a corporation or government uses to raise money for a…

Q: Novak corp. Issued $417,000,11% 15 year bonds on december  31,2021 for $404,490.interest  is payable…

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

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1,…

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

Q: Grocery Corporation received $316,189 for 9.00 percent bonds issued on January 1, 2021, at a market…

A: The answer of the above question is in the Next Step