Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations. Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations. To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

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Answer 1

Question

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Expert Solution & Answer

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The drawing account should be used to show: a. the amount the owner has invested in the business. b. the amount the owner has taken out of the business. c. the amount the business has earned. d. the amount the business has spent.

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Answer 2

Question

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Answer 6

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

Answer 7

Chapter 12, Problem 12.42BP

1.

To determine

Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money from investors to raise fund for financing the operations.

Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various lenders known as bondholders, generally in multiples of $1,000 per bond, to raise fund for financing the operations.

To prepare: Journal entry to record issuance of bonds payable at premium on January 1, 2018.

Answer 8

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

Answer 9

2.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

Answer 10

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

Answer 11

3.

To determine

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

Answer 12

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Answer 13

4.

To determine

To prepare: Journal entry to record the retirement of bond payable at maturity.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

To prepare: Journal entry to record semiannual interest and amortization of premium on bonds.

To prepare: Journal entry to record the retirement of bond payable at maturity.

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