X Corporation borrowed money by issuing $100,000 of bonds at 103 on January 1, 2019. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method. Required: Prepare journal entries on the following dates: January 1, 2019. July 1, 2019. December 31, 2019, the fiscal year end. January 1, 2020. January 1, 2029.

Q: Oakley Company issued a $40,000, 10%, 10-year bond payable at 97 on January 1, 2024. Interest is…

A: If the issued Price is less than the face value , it will be treated as that Bonds are issued at…

Q: Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: 1. Journal entry for Bond issuance on January 1, 2019: Date Account title and explanation Debit…

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: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: Wildhorse Corporation issued 4,100, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest…

A: Total cash received from Bond issue = 4100*$1000 = $4,100,000

Q: Price Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: Pharoah Company issues $2.90 million, 5-year, 7% bonds at 104, with interest payable annually…

A: Given that the bonds has been issued at premium and it has to be amortised on straight line basis.…

Q: Blossom Company issues $3.2 million, 10-year, 9% bonds at 96, with interest payable on December 31.…

A: 1. Date Account Titles and Explanation Debit Credit Jan. 1 Cash ($3,200,000*96/100)…

Q: issued $630,000, 9%, 5-year bonds at face value.

A: Journal entries refers to the act of making transactions in the form of either economic or…

Q: prepare colons journal entries for (a) the january insurance (b) the july 1 interest payment, and…

A: Bonds:   Bonds are long-term promissory notes that are represented by a company while borrowing…

Q: Blossom Company issues $2.1 million, 10-year, 5% bonds at 96, with interest payable on December 31.…

A:

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Crane Company issued $830,000, 8%, 20-year bonds on January 1, 2025 at 103. Interest is payable…

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

Q: On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from lender and…

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: Riverbed Corp issues 940, 10-year, 8%, $1000 bonds dated January 1, 2020, at 96. The journal entry…

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

Q: On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market…

A: Bonds: This is just like debt for the issue of investors by the company. Bond is dependent on the…

Q: Sheridan Company issued $501,000, 8%, 30-year bonds on January 1, 2025, at 102. Interest is payable…

A: No. of issued bonds = $501,000 Interest rate = 8% Term to maturity = 30 years Percentage per bond =…

Q: Frozen Company issues $33,600 of ten year bonds on January 1, 2020 at 108. It uses the straight line…

A: INTRODUCTION: When bonds are issued, cash is received, and bonds payable are credited. But, if a…

Q: Valdez issues $450,000 of 13%, four-year bonds dated January 1, 2019, that pay interest semiannually…

A: Since there are multiple sub parts, the calculation will be given for first three sub parts. To get…

Q: On January 1, 2024, Reyes Recreational Products issued $180,000, 9%, four-year bonds. Interest is…

A: An amortization schedule for bonds issued at a discount is prepared to add back the discount to the…

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: On January 1, 2022, Sunland Company issued $420,000, 12%, 10-year bonds at face value. Interest is…

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

Q: On May 1, 2022, Sandhill Corp. issued $600,000, 6%, 5-year bonds at face value. The bonds were dated…

A: Lets understand the basics.Journal entry is required to make to record event and transaction in the…

Q: Cucumber Electric sold $3,300,00, 8%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Under straight line method, the premium or discount is amortized with equal amounts. The bonds are…

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: On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years.…

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

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: 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: Randle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale…

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

Q: On January 1, 2020, Cullumber Corporation issued $840,000, 7%, 10-year bonds at face value. Interest…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

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: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

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: X Corporation borrowed money by issuing $1,000,000 of bonds at 102 on January 1, 2022. The bonds pay…

A: DateAccountDebitCreditJanuary 1, 2022Cash ($1,000,000 * 102%)$ 1,020,000            Bonds Payable $…

Q: Pogden Company issued a $700,000​, 12%​, ten​-year bond payable at face value on January​ 1, 2024.…

A: Interest payment on July​ 1, 2024 = Face value of bonds x rate of interest x 6/12 = $700,000 x 12% x…

Q: Prepare journal entries for the following transactions.

A: Bonds are issued by large organization to raise the fund. Bonds are considered as debt securities…