An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.
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Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000.…
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Q: A $500,000 bond issue on which there is an unamortized discount of $50,000 is redeemed for $475,000.…
A: Given Information: Issue of bonds = $500,000 Unamortized discount = $50,000 Redeemed for = $475,000
Q: A $296,000 bond was redeemed at 103 when the carrying amount of the bond was $307,544. The entry to…
A: Solution: Redemption amount of bond = $296,000*103% = $304,880 Carrying amount of bond = $307,544
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A: Solution:- Introduction:- The following data given as follows:- Bond = $276,000 redeemed at = 98…
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Q: A $294,000 bond was redeemed at 98 when the carrying amount of the bond was $286,650. The entry to…
A: Proceeds from redemption = $294,000 * 98/100 = $288,120
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A: Lets understand the basics. For calculating gain/loss on redemption of carrying value of bond, we…
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000.…
A: Bonds Payable carrying value - $ 800,000 Add : Premium on Bonds Payable = $ 57,000 Less : Cash…
Q: Journalize the redemption of the bonds
A: Redemption of bond means discharging the liability of bond by paying off it in cash or cash…
Q: A $1,900,000 bond issue on which there is an unamortized premium of $101,264 is redeemed for…
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Q: A $515,000 bond issue on which there is an unamortized discount of $41,000 is redeemed for $473,000.…
A: Given that: Bond value = $515000 Unamortised discount = $41000 Redemption value = $473000
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Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000.…
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Q: A $515,000 bond issue on which there is an unamortized discount of $36,000 is redeemed for $463,000.…
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Q: A $300,000 bond was redeemed at 104 when the carrying amount of the bond was $316,000. The entry to…
A: Total amount paid for bond redemption = $300,000×104% =$312,000
Q: A $920,000 bond issue on which there is an unamortized premium of $65,000 is redeemed for $821,000.…
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Q: A $545,000 bond issue on which there is an unamortized discount of $37,000 is redeemed for $472,000.…
A: Given, Face value of bonds = $545,000 Unamortized discount = $37,000 Redemption value = $472,000
Q: A $1,000,000 bond issue on which there is an unamortized premium of $71,600 is redeemed for…
A: Gain (loss) on redemption of the bonds = Face value of the bonds + unamortized premium - amount…
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: A $1,200,000 bond issue on which there is an unamortized premium of $63,956 is redeemed for…
A: Journalize the redemption of the bonds.
Q: Bob Co issued $1,000 of 5%, 5-year bonds, paid semiannually. The bonds were issued at 96. Prepare…
A: Issue price = $1,000*96% Issue price = $960 Number of periods = 5*2 = 10
Q: On January 1, a company issued and sold a $430,000, 5%, 10-year bond payable, and received proceeds…
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Q: Present entries to record the selected transactions described below: a. Issued $2,750,000 of…
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Q: he entry to record the redemption would include a
A: The correct option is: d.gain on bond redemption of $12,240. Gain on bond redemption is calculated…
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- 37-a At the end of the operating period, a rediscount of 7.500 TL has been calculated for the debt securities. Accordingly, which of the following accounts is correct to use in the posting to be made at the end of the period ? a) 321 Debt Securities Hs. Credited 7.500 TL B) 647 Rediscount Interest Income Hs. Creditor 7.500 TL NS) 657 Rediscount Interest Expenses Hs. Borrower 7.500 TL D) 647 Rediscount Interest Income Hs. Borrower 7.500 TL TO) 321 Debt Securities Hs. Borrower 7.500 TLThe notes to the Thorson Ltd.financial statements reported the following data on December 31, Year 1 (end of the fiscal year): Thorson amortizes bond discounts using the effective-interest method and pays all interestamounts at December 31. Requirements1. Assume the market interest rate is 6% on January 1 of year 1, the date the bonds are issued.a. Using the PV function in Excel, what is the issue price of the bonds?b. What is the maturity value of the bonds?c. What is Thorson’s annual cash interest payment on the bonds?d. What is the carrying amount of the bonds at December 31, year 1?2. Prepare an amortization table through the maturity date for the bonds using Excel. (Roundall amounts to the nearest dollar.) How much is Thorson’s interest expense on the bonds forthe year ended December 31, Year 4?3. Show how Thorson would report these bonds and notes at December 31, Year 4.The situations presented here are independent of each other.For each situation, prepare the appropriate journal entry for the redemption of the bonds. Kingbird, Inc. redeemed $168,000 face value, 14.5% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $181,440. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. Date Account Titles and Explanation Debit Credit Jun. 30 enter an account title for the journal entry on June 30enter an account title for the journal entry on June 30
- On 31 December 20X7, Dunder Mifflin has the following bond on the statement of financial position: Bond payable, 8%, interest due semi-annually on 31 March and 30 September; maturity date, 30 September 20X10 $16,000,000 Discount on bonds payable (83,000) $15,917,000 Accrued interest payable of $400,000 was recorded on 31 December 20X7 ($16,000,000 × 10% × 3/12) and the bond discount was correctly amortized to 31 December 20X7. On 31 March 20X8, semi-annual interest was paid and the bond discount was amortized by a further $8,400. Then, 35% of the bond was retired at a cost of $5,488,000 (exclusive of interest). Required: Provide the entries to record the bond interest and retirement on 31 March 20X8.The following data relate to a $2,000,000, 8% bond issued for a selected semiannual interest period: Bond carrying amount at beginning of period $2,125,000Interest paid during period 160,000 Interest expense allocable to the period 148,750 (a) Were the bonds issued at a discount or at a premium? (b) What is the unamortized amount of the discount or premium account at the beginningof the period? (c) What account was debited to amortize the discount or premium?Please provide the journal entry for the sale of the bonds, I thought you should debit cash 105K and credit bonds 104500 and interest 500
- The situations presented here are independent of each other.For each situation, prepare the appropriate journal entry for the redemption of the bonds. Pina Colada Corp. redeemed $136,000 face value, 9% bonds on April 30, 2022, at 101. The carrying value of the bonds at the redemption date was $122,808. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded. Date Account Titles and Explanation Debit Credit Apr. 30 enter an account title for the journal entry on April 30enter an account title for the journal entry on April 30Bonds Payable has a balance of $802,000 and Discount on Bonds Payable has a balance of $9,624. If the issuing company redeems the bonds at 98, what is the amount of gain or loss on redemption?What is the journal entry to record issuance of the bonds on January 1, 2019? Dr. Cash, P500,000 and Cr. Bonds Payable, P500,000 Dr. Cash, P500,000 Cr. Premium on Bonds Payable, P28,253 & Cr. Bonds Payable P471,747 Dr. Cash, P471,747; Dr. Discounts on Bonds Payable, P28,253 & Cr. Bonds Payable P500,000 Dr. Cash, P471,747; Dr. Interest Expense, P28,253 and Cr. Bonds Payable P500,000
- The following information pertains to BARU NUTS Company's issuance of bonds on July 1, 2021: WHAT SHOULD BE THE ISSUE PRICE OF THE BONDS? (Solution must be in good accounting form. Excel format would be good for a good accounting form! Thanks a lot, Tutor! I hope you can help me)i need a journal entry to record the purchase of bonds on january 1. i also need a amortization schedule for the bonds please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)3. Prepare the journal entries to record the issuance of the bonds by Sanyal and Barnwell’s investment on February 1, 2024. 4. Prepare the journal entries by both firms to record all events related to the bonds through January 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)