.Kiki Inc., which closes its books on December 31, is authorized to issue $600,000 of 8%, 10-year bonds dated January 1, 2020, with interest payments on January 1.   REQUIRED: Present general journal entries to record the events listed below, assuming the bonds were sold at face on January 1, 2020       1. The bond issue.       2. Accrual of the bond interest at December 31.       3. Payment of the first semiannual period’s interest       4. Retirement of the bonds at maturity

Q: On January 1, 2021, Splash City issues $360,000 of 7% bonds, due in 10 years, with interest payable…

A: Semiannual interest payment = Face value of bonds x rate of interest x no. of months/12 = $360000 x…

Q: Chowan Corporation issued $100,000 of 10% bonds dated January 1, 2019, for $96,832.72 on January 1,…

A: Journal entry: It is prepared to record the financial and non-financial transactions of the business…

Q: On March 1, 2020, Sandollar Inc. issued $90,000 of bonds at 105, paying 8% cash interest…

A: Journal: Recording of a business transactions in a chronological order.   As posted multiple sub…

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A: Bonds Payable: Bonds payable are recorded when a company issues bonds to generate cash. Cash…

Q: On January 1, 2021, Splash City issues $370,000 of 9% bonds, due in 20 years, with interest payable…

A: A BOND ISSUE IS TYPE OF DEBT FORM OF FINANCING ON WHICH INTEREST IS PAID ON FIXED RATE OF THE FACE…

Q: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable…

A: Semiannual interest payment = Face value of bonds x rate of interest x no. of months/12 = $320000 x…

Q: On January 1, 2020, Nichols Company issued for $1,085,800 its 20-year, 11% bonds that have a…

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…

Q: On January 1, 2021, White Water issues $440,000 of 7% bonds, due in 10 years, with interest payable…

A: Solution: Date Particulars Debit Credit 01-Jan-21 Cash $440,000           To bonds payable…

Q: On January 1, 2024, White Water issues $550,000 of 5% bonds, due in 15 years, with interest payable…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2020, at 119.792 to yield 8%.…

A: a. Prepare journal entry for issuance of the bonds on January 1, 2020.

Q: On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year…

A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: McNeil Corporation issued $750,000 of 6​%, 10​-year bonds payable on January​ 1, 2019. The market…

A: Introduction: Interest amount: Interest is charged on the Principal amount. Interest is calculated…

Q: On January 1, 2021, Splash City issues $350,000 of 8% bonds, due in 15 years, with interest payable…

A: Solution 2: Journal Entries - Splash City Date Particulars Debit Credit 1-Jan-21 Cash…

Q: On January 1, 2021, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable…

A: Entry to record the issuance of bonds payable.

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: Bonds are the secured securities which constitute into borrowed funds. They are purchased in…

Q: DEF Company was authorized to issue 12%, 10-year bond with face amount of P20,000,000 on January 1,…

A:

Q: On January 1, 2021, Splash City issues $450,000 of 7% bonds, due in 10 years, with interest payable…

A: Solution;- Preparation of amortization schedules as follows:-

Q: On August31,2021, DASHER Company issue dat 104 plus accrued interest, three thousand 10% bonds with…

A: Answer: The carrying value of a bond refers to the net amount between the bond’s face value plus any…

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: If the bonds are issued at discount or at premium, the discount or premium on the bonds payable is…

Q: Teton Corporation issued $600,000 of 7% bonds on November 1, 2020, for $644,636. The bonds were…

A: Step 1: Compute the interest payable as follows:

Q: On January 1, 2020, Ironman Steel issued $800,000, 8-year bonds for $861,000. The stated rate of…

A: Calculations:

Q: On October 1, 2019, Ball Company issued 6% bonds dated October 1, 2019, with a face amount of…

A: The procedure of entering commercial transactions for the first time in the books of accounts is…

Q: On January 1, 2021, Lh Company was authorized to issue 12% bonds with a face amount of ₱5,000,000.…

A:

Q: On Dec. 31, 2020, Zallag company issues callable bonds that havea $700,000 par value, mature in 10…

A: Bonds are the amount company borrowed from the investors for a fixed income and for a period of…

Q: Xonic Corporation issued 8 million of 20 year, 8 percent bonds on April 1, 2018, at 102. Interest is…

A: a. Following is the journal entry of issuance of bonds:

Q: Romero issues $3,400,000 of 10%, 10-year bonds dated January 1, 2019, that pay interest semiannually…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 103. Interest is paid…

A: A bond refers to the instrument which is issued by the government to borrow money when needed. It is…

Q: On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable…

A: Annual interest payment = Face value of bonds x rate of interest x time = $600,000 x 7% x 1 year =…

Q: On January​ 1, 2018​,  Lane Unlimited issues 15​%, 10​-year bonds payable with a face value of…

A: 1) Premium on bonds payable = 1800 bonds * $5 = $9,000 It has to be amortised over the life of bonds…

Q: On January 1, 2021, Surreal Manufacturing issued 690 bonds, each with a face value of $1,000, a…

A: Bonds are the liabilities to pay interest periodically and principal amount on maturity. They are…

Q: Xonic Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2021, at 102. Interest…

A: a) Date Account titles & explanation Debit Credit Apr 1, 2021 Cash (8,000,000 *102%)…

Q: On January 1, 2021, HBB Company was authorized to issue 12% bonds with a face amount of ₱5,000,000.…

A: A journal entry is a sort of accounting entry used to record a business transaction in the…

Q: On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable…

A: Amortization schedule of loan: It can be defined as a table that shows the expense of interest,…

Q: esto Corporation has authorized to issue$4,500,000 of its 9%, 5-year bonds On January 1, 2019, when…

A: 1) Journal Entry to record issue of Bonds. Date Particulars Debit Credit Jan 1 - 2019 Cash…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: What is meant by Journal entries? It is the first step to record the financial transactions in the…

Q: Calculate the value of the bond at the time of issuance, and record the initial journal entry.…

A: Bond valuation refers to a method which is used to compute the current value of future cash flow of…

Q: Madison Corporation is authorized to issue $570,000 of 5-year bonds dated June 30, 2019, with a…

A: Solution-1 Cash Flow at the time of maturity = $570000 Interest (Annuity) semiannually =…

Q: On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1, 2017, at…

A: GIVEN   On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1,…

Q: Nasreen Company issues $2,000,000, 10-year, 8% bonds at 97, with interest payable each January 1.…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: On January 1, 2019, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due…

A:

Q: On the July 1, 2021, Trials Corporation issued $17,500,000 of five-year, 12% bonds to finance its…

A: Bonds are issued to generate funds. When the contract rate of interest is more than the market rate…

Q: On May 1, 2019, Ramden Company issues 13% bonds with a face value of $2 million. The bond contract…

A:

Q: On January 1, 2021, Splash City issues $310,000 of 9% bonds, due in 20 years, with interest payable…

A: Annual Interest payment = 9%×$310,000=$27,900 The interest is to be paid semi-annually.  So, the…

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: January 1, 2021, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2021, at…

A: Bonds are debt instruments raised to get fund with fixed rate of interest.  Here interest rate is 8℅…

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A:

Q: On January 1, 2018, loren inc. issued $2,000,000, 9%, 5-year bonds dated January 1, 2018, at…

A: Journal Entry - It is record of every business transaction in day to day life for a particular…

Q: On January 1, 2019, Electro Inc. issued $740,000 of 7.5%, four-year bonds that pay interest…

A: Journal entry is record of a transaction in accounting system