a. On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for $10,389. At the time of the issuance, market rates are 9%. Journalize the issuance of the bond. b. Journalize the first annual interest payment on December 31, 20X1. c. Journalize the amortization of the premium/discount on December 31, 20X1. (If necessary, round to the nearest dollar.) d. On January 1, 20X2, the bonds are called at 99. Journalize this transaction.

Q: Amwaj Company issued 129, 10-year bonds with a par value of BD 2,000,000 on January 1, 2018.…

A: Journal Entries are primary record maintained by an entity for the occurrence or non-occurrence of…

Q: On the first day of the fiscal year, a company issues a $4,800,000, 9%, 6-year bond that pays…

A: Formula: Interest expense = Bond face value x Interest rate x Time periods

Q: Brussels Enterprises Issues bonds at par dated January 12019, that have a \$3,400,000 par value,…

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

Q: On February 1, 2018, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of…

A: Requirement 1: Date Account title and explanation Debit($) Credit($) February 1, 2018…

Q: On January 1, 20XX, Cisco Corporation issued a $600,000, 9%, 5-year bond for $576,834. The bonds…

A: Bond's discount or premium is caused due to difference between market rate and couporate.

Q: On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Premium on Bonds issue = Issue price of bonds - Face value of bonds = $10,389 - $10,000 = $389

Q: On 31 December 20X7, a company has the following bond on the statement of financial position: Bond…

A: The question is based on the concept of Journal entry

Q: On 1/1/20, Bond Co issued 6,000 units of its $1,000 10-year 11% bonds. The bonds pay interest…

A: Interest payments are calculated on the issue price of the bond which is calculated as shown:…

Q: on january 1, 20x1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Bonds are investment security which are issued by large organizations. Bonds may be issued at face…

Q: On July 1, 2019, Fewa Company issued P4,000,000 of 16% bonds to yield 14%. Interest is payable…

A:

Q: On January 1, 20x1, SMUDGE BLUR Co. issued 1,000, P4,000, 12%, 3-year bonds for P4,198,948.…

A: The question is based on the concept of Financial Accounting.

Q: On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest…

A:

Q: On June​ 30, Danver Limited issues 7%​, ​20-year bonds payable with a face value of $120,000. The…

A: Amount received on issue of bonds = Face value of bonds x Selling price of bonds / 100 = $120,000 x…

Q: On January 1, 2021, Battersea issued $200,000 of 8% bonds, dated January 1. Interest is payable…

A: Issue price of bonds = Present value of interest + Present value of maturity   PV of annuity of $1…

Q: On January 1, when the market interest rate was 9 percent, Selton Corporation completed a $200,000,…

A: Solution 1: Journal Entries - Selton Corporation         Date Particulars Debit Credit…

Q: Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000…

A: Number of periods = 5*2 = 10 Coupon rate=  9%/2 = 4.5% As the beginning carrying value is more than…

Q: n January 1, 2018 ABC Corporation issued a five-year $1,000,000, 8%, at $1,250,000. Interest is…

A: Effective Annual Interest Rate- Effective Annual Interest Rate is also known as effective interest…

Q: On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of…

A: No. Date Account Titles and Explanations Debit Credit 1. February 1, 2021 Cost of…

Q: n January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Wookie company issues 10% five year bonds on January 1 of this year with a par value of $200,000 and…

A: The issue of bond is a practice to raise loan for companies. The investor promises to pay the…

Q: ay of the fiscal year, a company issues an $800,000, 6%, 5-year bond that pays semiannual interest…

A: Solution: Semiannual interest amount = $800,000*6%*6/12 = $24,000 Discount amortization = ($800,000…

Q: Paulson Company issues 7%, four-year bonds, on January1 of this year, with a par value of $91,000…

A: Solution 1: Date Particulars Debit Credit 01-Jan Cash A/c Dr  $84,447     Discount on Bond…

Q: On January 1, Lincoln Corp. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest…

A: Carrying amount of bonds = Issue price of the bonds - Premium amortized Cash interest paid= Face…

Q: On the first day of the fiscal year, a company issues an $994,000, 7%, 5-year bond that pays…

A: Total discount on bonds issue =  Face value of the bonds - Issue value of the bonds = 994000-934400…

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $67,000 for $73,507 on January 1,…

A: Given that, rate of interest on bonds = 7% term of the bond = 15years Face value of bonds  $67000…

Q: On September 1, Deutsch Limited issues 8%, 5-year bonds payable with a maturity value of OR 20,000.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: On January 1, Martinez Inc. issued P 4,000,000, 11% bonds for P 4,260,000. The market rate of…

A: Working:

Q: On 31 December 20X7, a company has the following bond on the statement of financial position: Bond…

A: Bonds are one of the types of finance where government and private institutions, corporations etc…

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

A: Discount on Bonds Payable = Face valueof bonds - Amount received  = $15,000 - $13,056 = $1,944

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

A: The financial transactions are initially recorded in the for of journal entry.

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

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

Q: Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000…

A: The bonds are issued at premium when market rate is lower than the bonds payable.

Q: On July 1, 2019, Fewa Company issued P4,000,000 of 16% bonds to yield 14%. Interest is payable…

A: Solution : Given: Face value        =4000000 Coupon rate    =16% Interest payable           =semi…

Q: On May 1, Holiday Company issued $200,000, 9%, 10-year bonds for $213,591 when the market rate was…

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

Q: On January 1, 20x1, Yoga Co. issued 1,000, P4,000 face amount bonds for P3,807,852. The bonds mature…

A: Unamortized discount on bonds payable on December 31, 20x1 = (Face value of bonds - issue value of…

Q: On January 1, Patterson Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest…

A: Discount on bonds payable: This is the value that arises when the bonds are sold at a price less…

Q: On 1/1/21, Ehrlich Co. issued 4 year bonds with a face value of $700,000. The stated (bond) rate is…

A:

Q: On January 1, when the market interest rate was 9 percent, Seton Corporation completed a$200,000, 8…

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

Q: On January 1, Marigold Corp. issued $420000O, 9% bonds for $3895000. The market rate of interest for…

A: Total discount = Face value of bonds - Issue value = $4200000 - $3895000 = $305000

Q: answer is A: how do you get to this answers?

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

Q: On the first day of the fiscal year, a company issues an $609,000, 10%, five-year bond that pays…

A: Record the first interest payment and amortization on Discount on payable

Q: Bee Inc. issues P 3,000,000, 9%, bonds for P 2,817,000. The market interest rate for these bonds is…

A: Formulas: Unamortized bond discount = Total bond discount - bond discount amortized where, Total…

Q: Snap Company issues 10%, five-year bonds, on January 1 of this year, with a par value of $100,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…