Question

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.

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
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...
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.
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...
On January 1, 2020, Swifty Company purchased 8% bonds having a maturity value of $280,000, for...
On January 1, 2020, Swifty Company purchased 8% bonds having a maturity value of $280,000, for $303,589.66. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Swifty Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Prepare the journal entry at the date of the bond purchase. Prepare a bond...
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.
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.
The Concord Company issued $260,000 of 11% bonds on January 1, 2020. The bonds are due...
The Concord Company issued $260,000 of 11% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Concord Company records straight-line amortization semiannually.
On January 1, 2020, Cullumber Company purchased 11% bonds, having a maturity value of $274,000 for...
On January 1, 2020, Cullumber Company purchased 11% bonds, having a maturity value of $274,000 for $295,314.87. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Cullumber Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows....
On January 1, 2020, Martinez Company purchased 12% bonds, having a maturity value of $274,000 for...
On January 1, 2020, Martinez Company purchased 12% bonds, having a maturity value of $274,000 for $294,773.26. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Martinez Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows....
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest...
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. Your answer is incorrect. Try again. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT