sShannon Company issued $1,000,000, 8%, 10-year bonds on
December 31, 2016, for $960,000. Interest is payable...
sShannon Company issued $1,000,000, 8%, 10-year bonds on
December 31, 2016, for $960,000. Interest is payable annually on
December 31. Shannon uses the straight-line method to amortize bond
premium or discount.
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on
December 31, 2017.
(c)
The redemption of the bonds at maturity, assuming interest for
the last interest period has been paid and recorded.
Keaubie Co. issued $280,000, 10%, 10-year bonds payable at a
price of 95, on Jan. 1,...
Keaubie Co. issued $280,000, 10%, 10-year bonds payable at a
price of 95, on Jan. 1, 2019 a. Journalize the issuance of the
bonds b. Journalize the first semi - annual interest payment and
amortization of the discount or premium.
Tano issues bonds with a par value of $91,000 on January 1,
2017. The bonds’ annual...
Tano issues bonds with a par value of $91,000 on January 1,
2017. The bonds’ annual contract rate is 9%, and interest is paid
semiannually on June 30 and December 31. The bonds mature in three
years. The annual market rate at the date of issuance is 12%, and
the bonds are sold for $84,291. 1. What is the amount of the
discount on these bonds at issuance? 2. How much total bond
interest expense will be recognized over the...
Mellilo Corporation issued $4,400,000 of 20-year, 9.5 percent
bonds on July 1, 2018, at 98. Interest...
Mellilo Corporation issued $4,400,000 of 20-year, 9.5 percent
bonds on July 1, 2018, at 98. Interest is due on June 30 and
December 31 of each year, and all of the bonds in the issue mature
on June 30, 2038. Mellilo's fiscal year ends on December 31.
1. Record the issuance of bonds.
2. Record the payment of interest and amortize bond
discount.
3. Record the final interest payment and amortize bond
discount.
4. Record the retirement of bonds at...
Mellilo Corporation
issued $4,400,000 of 20-year, 9.5 percent bonds on July 1, 2018, at
98. Interest...
Mellilo Corporation
issued $4,400,000 of 20-year, 9.5 percent bonds on July 1, 2018, at
98. Interest is due on June 30 and December 31 of each year, and
all of the bonds in the issue mature on June 30, 2038. Mellilo's
fiscal year ends on December 31.
1.
Record the issuance of bonds.
2. Record the payment
of interest and amortize bond discount.
3. Record the final
interest payment and amortize bond discount.
4. Record the
retirement of bonds at...
Keaubie Co. issued $175,000, 6%, 10-year bonds payable at a
price of 94, on Jan. 1,...
Keaubie Co. issued $175,000, 6%, 10-year bonds payable at a
price of 94, on Jan. 1, 2019 a. Journalize the issuance of the
bonds b. Journalize the first semi - annual interest payment and
amortization of the discount or premium.
Tano issues bonds with a par value of $91,000 on January 1,
2017. The bonds’ annual...
Tano issues bonds with a par value of $91,000 on January 1,
2017. The bonds’ annual contract rate is 9%, and interest is paid
semiannually on June 30 and December 31. The bonds mature in three
years. The annual market rate at the date of issuance is 12%, and
the bonds are sold for $84,291.
1. What is the amount of the discount on these
bonds at issuance?
2. How much total bond interest expense will be
recognized over...
Garrison Company issued $2,000,000, 7%, 20-year bonds on January
1, 2017, at 105. Interest is payable...
Garrison Company issued $2,000,000, 7%, 20-year bonds on January
1, 2017, at 105. Interest is payable annually on January 1.
Garrison uses straight-line amortization for bond premium or
discount.
(a)
The issuance of the bonds.
(b)
The accrual of interest and the premium amortization on
December 31, 2017.
(c)
The payment of interest on January 1, 2018.
(d)
The redemption of the bonds at maturity, assuming interest for
the last interest period has been paid and recorded.
On January 1, 2021, Cullumber Satellites issued $1,430,000,
10-year bonds. The bonds pay semi-annual interest on...
On January 1, 2021, Cullumber Satellites issued $1,430,000,
10-year bonds. The bonds pay semi-annual interest on July 1 and
January 1, and Cullumber has a December 31 year end. A partial bond
amortization schedule is presented below:
Semi-Annual
Interest Period
Interest
Payment
Interest
Expense
Amortization
Bond
Amortized Cost
Jan. 1, 2021
$1,328,381
July 1, 2021
$ [1]
$ [2]
$3,593
1,331,974
Jan. 1, 2022
42,900
46,619
3,719
1,335,693
July 1, 2022
42,900
46,749
[3]
1,339,542
Jan. 1, 2023
42,900
46,884...
Madison Co. issued $100,000, 4.5%, 15 -year bonds payable at
face value, on Jan. 1, 2019...
Madison Co. issued $100,000, 4.5%, 15 -year bonds payable at
face value, on Jan. 1, 2019 a. Journalize the issuance of the bonds
b. Journalize the first semi - annual interest payment and
amortization of the discount or premium.