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Chapter 9, Problem 9.1S

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Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $26,500,000 of five-year, 12% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 13%, resulting in Chin receiving cash of $25,547,585. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. 1. 2. 3. 300 000 000 000 000 b. Determine the amount of the bond interest expense for the first year.

Select the correct answer to each of the following statements. A. Increase B. Decrease C. Remain Constant 1. The amount of interest expense will _______ each payment period for a bond issued at a discount. 2. When a bond is issued at a discount, the cash interest payment will _________ over the life of the bond. 3. When a bond is issued at a premium, the carrying value of the bond will _______ over the life of the bond.

Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount. (Round your answers to nearest dollar amount.) Required Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount. (Round your answers to nearest dollar amount.) \table[[,, \table[[Cash], [Proceeds]], \table[[Discount or], [Premium]]], [a., Pear, Inc. issued $190,000 of 10-year,8 percent bonds at 103., Premium,], [b., Apple, Inc. issued $92,000 of five-year, 12 percent bonds at 99.,, Discount], [c., Cherry Co. issued $196,000 of five-year, 6 percent bonds at 1031/4., Premium,], [d., Grape, Inc. issued $39,000 of four-year, 8 percent bonds at 99.00., Discount,]] Required Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount. (Round your answers to nearest dollar amount.) a.…

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Chapter 9, Problem 9.1S

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Chapter 9, Problem 9.1S

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Chapter 9, Problem 9.1S

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Chapter 9, Problem 9.1S

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Chapter 9, Problem 9.1S

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Chapter 9, Problem 9.1S

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Answer 21

Ch. 9 - Brownlee Company issued 525,000, 8%, six-year...Ch. 9 - A bond with a face value of 250,000 and a quoted...Ch. 9 - Mission Furniture issued 500,000 in bonds payable...Ch. 9 - Bonds with an 8% stated interest rate were issued...Ch. 9 - Brimfest Corporation issued 2,400,000, 10-year, 6%...Ch. 9 - The Discount on Bonds Payable account a.is an...Ch. 9 - The discount on a bond payable becomes...Ch. 9 - The carrying value of Bonds Payable equals a.Bonds...Ch. 9 - Prob. 9QC Ch. 9 - Prob. 10QC

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Solution Summary: The author explains that when a bond is issued at discount, the amount of interest expense is more than the cash interest payment.

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