Question

Nocioni Company issued $1,000,000 of bonds on January 1, 2012. Prepare the journal entry to record...

Nocioni Company issued $1,000,000 of bonds on January 1, 2012.

Prepare the journal entry to record the issuance of the bonds if they are issued at 100%, 98% and 103%.

Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100%.

Prepare the journal entry to record the retirement of the bonds before maturity at 98.

Assume the balance in Premium on Bonds Payable is $9,000. Prepare the journal entry to record the conversion of the bonds into 30,000 shares of $10 par value common stock.

Assume the bonds were issued at par.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The company issued $1,670,000 of bonds on January 1, 2020. 1.Prepare the journal entry to record...
The company issued $1,670,000 of bonds on January 1, 2020. 1.Prepare the journal entry to record redemption of the bonds a maturity. Assume he bonds were issued at 100. 2. Prepare the journal entry to record redemption of the bonds maturity at 95. Assume the balance in premium on bonds is $9,500.
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for...
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 9.00%, 15-year bonds with a par value of $310,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 7.00%, which implies a selling price of 118 2/5. Record the issue of bonds with a par value of $310,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan...
Presto Company issued $240,000, 9%, 20-year bonds on January 1, 2012, at 103. Interest is payable...
Presto Company issued $240,000, 9%, 20-year bonds on January 1, 2012, at 103. Interest is payable semiannually on July 1 and January 1. Presto uses straight-line amortization for bond premium or discount. Interest is not accrued on June 30. Instructions: Prepare the journal entries to record the following. a. The issuance of the bonds. b. The payment of interest and the premium amortization on July 1, 2012. c. The accrual of interest and the premium amortization on December 31, 2012....
LIEN company issues $5,600,000 of 12%, 40-year convertible bonds at 103. At the time of conversion,...
LIEN company issues $5,600,000 of 12%, 40-year convertible bonds at 103. At the time of conversion, the Premium on Bonds Payable account has a balance of $150,000. All convertible bonds are converted into common stocks, and each $1,000 bond is convertible into 10 shares of common stock with a par value of $1 per share. 1) Prepare the journal entry to record the issuance of convertible bonds. 2) Prepare the journal entry to record the bond conversion.
On September 30, 2012, Blossom Company issued 9% bonds with a par value of $470,000 due...
On September 30, 2012, Blossom Company issued 9% bonds with a par value of $470,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after September 30, 2017. Because Blossom Company was able to obtain financing at lower rates, it decided to call the entire issue on September 30, 2018, and to issue new bonds. New 8% bonds were sold in the amount of $740,000 at 103; they mature in 20 years....
Sandhill Co. issued $ 600,000, 10-year, 8% bonds at 105. 1.Prepare the journal entry to record...
Sandhill Co. issued $ 600,000, 10-year, 8% bonds at 105. 1.Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2.Suppose the remaining Premium on Bonds Payable was $ 18,000 on December 31, 2020. Show the balance sheet presentation on this date.
1. On January 1, 2015, Bose Company issued bonds with a face value of $600,000. The...
1. On January 1, 2015, Bose Company issued bonds with a face value of $600,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. Instructions a.Prepare the journal entry for the issuance assuming the bonds are issued at 95. b.Prepare the journal entry for the issuance assuming the bonds are issued at 105. c. Prepare the journal entry for payment of interest on July 1, assuming the bonds were issued at 100.
Need answer for below two journal entry: 2.   Prepare the January 1, 2018 journal entry for...
Need answer for below two journal entry: 2.   Prepare the January 1, 2018 journal entry for the initial issuance. 3.   Prepare the journal entries to record the first two interest payments. Golf World, Inc., issued $240,000 of 6%, 15-year bonds dated January 1, 2018 that will pay interest semiannually on June 30 and December 31. These bonds were issued at $198,494, and the market rate of interest was 8% at the issue date.
On January 1, 2019, ABC Corporation issued $2,300,000, 10-year, 9% bonds at 103. The journal entry...
On January 1, 2019, ABC Corporation issued $2,300,000, 10-year, 9% bonds at 103. The journal entry to record this transaction would include a: Select one: a. debit to Discount on Bonds Payable $69,000. b. credit to Premium on Bonds Payable $69,000. c. debit to Cash $2,300,000. d. credit to Bonds Payable $2,369,000.
Whitmore Company issued $404,500 of 5-year, 5% bonds at 98 on January 1, 2017. The bonds...
Whitmore Company issued $404,500 of 5-year, 5% bonds at 98 on January 1, 2017. The bonds pay interest annually. Prepare the journal entry to record the issuance of the bond Account Titles and Explanation Debit Credit    Compute the total cost of borrowing for these bonds. Total cost of borrowing Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 104. Account Titles and Explanation Debit Credit Compute the total cost of borrowing...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT