Hic-Tec Co. produces and distributes fiber-optic cable for use by telecommunications companies. Hic-Tec Co. issued $10,000,000 of 20-year, 9% bonds on April 1 of the current year, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Record the entries for the following selected transactions for the current year: Apr. 1 Issued the bonds for cash at their face amount. Oct. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for three months.

Q: Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen…

A: SOLUTION- GIVEN THAT , BOND ISSUED = $33100000 INTEREST = 4% TENURE = 20 YEARS

Q: Hoover Corp., a wholesaler of music equipment, issued $20,000,000 of 20-year, 6% callable bonds on…

A: Bonds offer diversification benefits within an investment portfolio. They tend to have a lower…

Q: Hoover Corp., a wholesaler of music equipment, issued $17,850,000 of 25-year, 10% callable bonds on…

A: Answer -    The journal entry for bond issuance varies depends on the type of issuance; whether it…

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell issued $21,000,000…

A: Journal entries (JE) refers to the events which are recorded in the financial statements or in the…

Q: On September 1, Year 1, Parsons Company purchased $84, 000 of 10-year, 7% government bonds at 100…

A: The objective of the question is to journalize the purchase, receipt of interest, and sale of…

Q: Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp.…

A: Bonds are debt securities which are issued by the borrowing organizations, for raising funds. Bonds…

Q: Rushton Corp., a wholesaler of music equipment, issued $15,710,000 of 20-year, 8% callable bonds on…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: On January 1, Year 1, Jones Company issued bonds with a $110,000 face value, a stated rate of…

A: The bonds are the financial instruments for the business. The bonds are issued at discount when…

Q: Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued…

A: Introduction: Premium on bonds: When receiving cash for the bonds issued is greater than face value…

Q: Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on…

A: Interest expense = Face value of bonds x rate of interest x no. of month/12 = $32,700,000 x 6% x…

Q: On the first day of the fiscal year, a company issues a $2,050,000, 9%, five-year bond that pays…

A: Bond: It is  long-term financial instrument issued by a company. Interest is paid to bond holders…

Q: General Journal for the following: The following transactions were completed by Winklevoss Inc.,…

A: Bonds Payable: Bonds payable are the liabilities that need to be settled after maturity with…

Q: On the first day of its fiscal year, Ebert Company issued $76,500,000 of 10-year, 7% bonds to…

A: The bonds are reported as long-term liabilities in the books. The bonds are issued at a discount…

Q: Rushton Corp., a wholesaler of music equipment, issued $3,650,000 of 20-year, 14% callable bonds on…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: On the first day of its fiscal year, Chin Company issued $20,300,000 of five-year, 11% bonds to…

A: Bonds is one of the important  liability of the business, on which regular interest payments needs…

Q: Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Year1       July        1   Cash                                       $69,552,279…

Q: Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen…

A: Journal entry is the process of recording business transactions in the books of accounts for the…

Q: On the first day of its fiscal year, Chin Company issued $13,200,000 of five-year, 6% bonds to…

A: Bond financing is an instrument for borrowing the funds. The borrower has to pay a fixed amount of…

Q: Favreau Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1,…

A: Year-1 :  april -  October                =$2,000,000×8%×6/12                =$80,000…

Q: Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on…

A: A callable bond is enables its issuer to redeem it or "call" it ahead of the bond's scheduled…

Q: Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen…

A: The callable bonds are the bonds that can be called by the entity anytime for redemption, The bond's…

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley…

A: Bonds payable are the long-term liabilities which help organizations to raise funds for the long…

Q: On January 1, the first day of its fiscal year, Jacinto Company issued $6,500,000 of six-year, 7%…

A:

Q: rnalize the entry to record the amount of rnalize the entries to record the following The first…

A: The answers have been mentioned below.

Q: tion’s fiscal year is the calendar year. Year 1 January 1 Issued $310,000 of 10-year, 6 percent…

A: The face value, coupon rate, and maturity date of bonds are the typical characteristics that define…

Q: On July 1, Year 1, Khatri Industries Inc. issued $18,000,000 of 10-year, 5% bonds at a market…

A: Introduction Bonds issued with discount: Bonds are financial instrument which represents company’s…

Q: a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording…

A: Introduction: Bonds: Bonds are debt instrument issued by the company or other legal bodies to…

Q: On the first day of its fiscal year, Simon Company issued $2,500,000 of 5-year, 10% bonds to finance…

A: The bonds are issued at discount when market interest rate is higher than the stated rate of…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Discount on bonds=$74,000,000-$63,532,267=$10,467,733

Q: Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation…

A: Disclaimer: "Since you have asked multi Part questions, we will solve the first three questions for…

Q: Kier Company issued $740,000 in bonds on January 1, Year 1. The bonds were issued at face value and…

A: Interest expense is the amount which is paid on the bonds or debentures as a return. It is an…

Q: On the first day of its fiscal year, Ebert Company issued $23,000,000 of 5-year, 8% bonds to finance…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds.

Q: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: ,100,000 of five-year, 5% bonds at a market (effective) interest rate of 3%, receiving cash of…

A: a) Journal Entry: Date Particulars No. Debit Credit April 1 Cash 110 $27,414,835…