Question
Wookie Company issues 8%, five-year bonds, on January 1 of this year, with a par value...
Wookie Company issues 8%, five-year bonds, on January 1 of this year, with a par value of $97,000 and semiannual interest payments. Semiannual Period-End Unamortized Premium Carrying Value (0) January 1, issuance $ 8,051 $ 105,051 (1) June 30, first payment 7,246 104,246 (2) December 31, second payment 6,441 103,441 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Paulson Company issues 8%, four-year bonds, on January 1 of this year, with a par value...
Paulson Company issues 8%, four-year bonds, on January 1 of this
year, with a par value of $108,000 and semiannual interest
payments. Semiannual Period-End Unamortized Discount Carrying Value
(0) January 1, issuance $ 6,893 $ 101,107 (1) June 30, first
payment 6,031 101,969 (2) December 31, second payment 5,169 102,831
Use the above straight-line bond amortization table and prepare
journal entries for the following. (a) The issuance of bonds on
January 1. (b) The first interest payment on June 30....
Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value...
Paulson Company issues 6%, four-year bonds, on January 1 of this
year, with a par value of $100,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Discount
Carrying Value
(0)
January 1, issuance
$
6,733
$
93,267
(1)
June 30, first payment
5,891
94,109
(2)
December 31, second payment
5,049
94,951
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on January 1.
(b) The first interest payment on June 30....
Woodwick Company issues 7%, five-year bonds, on December 31, 2017, with a par value of $106,000...
Woodwick Company issues 7%, five-year bonds, on December 31,
2017, with a par value of $106,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Premium
Carrying Value
(0)
12/31/2017
$
8,231
$
114,231
(1)
6/30/2018
7,408
113,408
(2)
12/31/2018
6,585
112,585
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on December 31, 2017.
(b) The first interest payment on June 30, 2018.
(c) The second interest payment on December 31,...
Woodwick Company issues 6%, five-year bonds, on December 31, 2016, with a par value of $98,000...
Woodwick Company issues 6%, five-year bonds, on December 31,
2016, with a par value of $98,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Premium
Carrying Value
(0)
12/31/2016
$
8,071
$
106,071
(1)
6/30/2017
7,264
105,264
(2)
12/31/2017
6,457
104,457
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on December 31, 2016.
(b) The first interest payment on June 30, 2017.
(c) The second interest payment on December 31,...
Woodwick Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $104,000...
Woodwick Company issues 9%, five-year bonds, on December 31,
2016, with a par value of $104,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Premium
Carrying Value
(0)
12/31/2016
$
8,191
$
112,191
(1)
6/30/2017
7,372
111,372
(2)
12/31/2017
6,553
110,553
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on December 31, 2016.
(b) The first interest payment on June 30, 2017.
(c) The second interest payment on December 31,...
Woodwick Company issues 7%, five-year bonds, on December 31, 2016, with a par value of $94,000...
Woodwick Company issues 7%, five-year bonds, on December 31,
2016, with a par value of $94,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Premium
Carrying Value
(0)
12/31/2016
$
7,991
$
101,991
(1)
6/30/2017
7,192
101,192
(2)
12/31/2017
6,393
100,393
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on December 31, 2016.
(b) The first interest payment on June 30, 2017.
(c) The second interest payment on December 31,...
Sylvestor Company issues 10%, five-year bonds, on December 31, 2016, with a par value of $100,000...
Sylvestor Company
issues 10%, five-year bonds, on December 31, 2016, with a par value
of $100,000 and semiannual interest payments.
Semiannual Period-End
Unamortized Discount
Carrying Value
(0)
12/31/2016
$
7,360
$
92,640
(1)
6/30/2017
6,624
93,376
(2)
12/31/2017
5,888
94,112
Use the above bond amortization table and prepare journal entries
to record (a) the issuance of bonds on December 31, 2016; (b) the
first interest payment on June 30, 2017; and (c) the second
interest payment on December 31,...
Paulson Company issues 6%, four-year bonds, on December 31, 2017, with a par value of $95,000...
Paulson Company issues 6%, four-year bonds, on December 31,
2017, with a par value of $95,000 and semiannual interest
payments.
Semiannual Period-End
Unamortized Discount
Carrying Value
(0)
12/31/2017
$
6,633
$
88,367
(1)
6/30/2018
5,804
89,196
(2)
12/31/2018
4,975
90,025
Use the above straight-line bond amortization table and prepare
journal entries for the following.
(a) The issuance of bonds on December 31, 2017.
(b) The first interest payment on June 30, 2018.
(c) The second interest payment on December...
On January 1, Boston Enterprises issues bonds that have a $1,550,000 par value, mature in 20...
On January 1, Boston Enterprises issues bonds that have a
$1,550,000 par value, mature in 20 years, and pay 7% interest
semiannually on June 30 and December 31. The bonds are sold at
par.
1. How much interest will Boston pay (in cash) to
the bondholders every six months?
2. Prepare journal entries to record (a) the
issuance of bonds on January 1, (b) the first interest payment on
June 30, and (c) the second interest payment on December 31....
Trader Joes issues $5,000,000 of 8%, 4-year bonds dated January 1, 2013, that pay interest semiannually...
Trader Joes issues $5,000,000 of 8%,
4-year bonds dated January 1, 2013, that pay interest semiannually
on June 30 and December 31. The bonds are issued at a price of
5,030,00
Prepare the January 1, 2013, journal
entry to record the issuance.
For each semiannual period, compute
the cash payment,
the straight-line premium or discount amortization
the bond interest expense
Cash proceeds=
Cash proceeds=
Bonds interest expense= cash interest
paid + bond discount
Bonds interest expense=
Bonds interest expense=
Bonds...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 11 minutes ago
asked 40 minutes ago
asked 56 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago