Bonds Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond. International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice. To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

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Answer 1

Question

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

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Answer 2

Question

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

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Answer 3

Question

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Expert Solution & Answer

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Answer 5

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Answer 6

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Answer 7

Chapter 10, Problem 10.2IFRSE

(a)

To determine

Bonds

Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.

International Financial Reporting Standards (IFRS)

They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Answer 8

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Answer 9

(b)

To determine

To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 10 - Prob. 1Q Ch. 10 - Prob. 2Q Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - (a) Identify three taxes commonly paid by...Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Contrast these types of bonds: (a) Secured and...Ch. 10 - Prob. 10Q

Solution Summary: The author explains how to prepare the journal entry to record sale of bonds for Company R on January 1, 2017.

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To prepare: The journal entry to record sale of bonds for Company R on January 1, 2017.

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