Crane Company issued $740,000, 10-year, 5% bonds at 103.   Prepare the journal entry to record the sale of these bonds on January 1, 2022.

Q: The following transactions are taken from the records of the Elton Corporation. Prepare journal…

A: Solution- Note - Since you have posted a question with multiple subparts ,we will solve first four…

Q: Cullumber Company issued $505,000, 15-year, 4% bonds at 96.   Prepare the journal entry to record…

A: Given, Cullumber Company issued $505,000, 15-year, 4% bonds at 96. Prepare the journal entry to…

Q: On January 1, 2016, Knorr Corporation issued $1,100,000 of 9%, 5-year bonds dated January 1, 2016.…

A: Issue Price of the bonds = Present value of principal + Present value of interest payments = face…

Q: Cullumber Company issued $400,000 of 5-year, 5% bonds at 95 on January 1, 2022. The bonds pay…

A: Bond: It refers to a financial instrument that reflects an acknowledgement of debt and states a…

Q: Oriole Company issued $760,000, 7%, 10-year bonds on January 1, 2022, for $815,933. This price…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Nocioni Company issued $1,000,000 of bonds on January 1, 2010. Instructions   Prepare the journal…

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

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: Ivanhoe Company issued $530,000, 10-year, 8% bonds at 103. (a)     Prepare the journal entry to…

A: Issue value of the bonds = Face value of bonds x issue price/100 = $530,000 x 103/100 = $545,900

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2016, for $967,707. The bonds were dated…

A: 1.

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: 20- Year 6% Bond =. $380,000  Interest Rate =6%  Interest Payable on January 1.

Q: Blue Spruce Corp. issues 6400, 10-year, 8%, $1000 bonds dated January 1, 2017, at 101. The journal…

A: Answer is option a)  credit to Bonds Payable for $6400000.

Q: Ivanhoe Company issues $3,000,000, 10-year, 8% bonds at 93, with interest payable each January 1.…

A: The bonds are the financial instruments for the business used to raise money from the market. The…

Q: Required Scenario 1: 1.  Prepare the journal entry assuming the bonds are issued at 103.5 on May 1,…

A: Journal entry:- Journal entry is an entry that we make for our business transactions to know the…

Q: Cullumber Company sold $2,000,000, 4%, 10-year bonds on January 1, 2022. The bonds were dated…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On January 1, 2016, Knorr Corporation issued $1,100,000 of 9%, 5-year bonds dated January 1, 2016.…

A: Interest on Bonds = $1,000,000 x 9%= $90,000Present Value of Bonds = Interest on Bonds x PVAF(n=5,…

Q: On January 1, 2016, Knorr Corporation issued $1,000,000 of 9%, 5-year bonds dated January 1, 2016.…

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

Q: On May 1, 2016, Bench Co. issued 11% bonds in the face amount of P 1,000,000 that mature on May 1,…

A: Solution: Face amount of bond= P1,000,000 Premium on issue of bond = P62,000 Issue price of bond =…

Q: Blossom Company issues $ 1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1.…

A: Bonds are the issued for collecting resources and it is considered as a cheaper source of finance…

Q: On January 1, 2016, Gilberto Company purchased 9% bonds with a face amount of P4,000,000 for…

A: Interest Revenue = Carrying value of Bond x Market rate to yield interest  Note : Coupon rate is…

Q: The Crane Company issued $470,000 of 8% bonds on January 1, 2017. The bonds are due January 1, 2027,…

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

Q: On May 1, 2018, ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on January 1 and…

A: Following are the Journal entries which are required to be pass in relation to sale:

Q: Ratzlaff Company issues $2 million, 10-year, 8% bonds at 97 (i.e. at 97% of face value), with…

A: The journal entry would be as under : Particulars Debit ($) Credit ($) Cash 1,940,000…

Q: Cullumber Company issued $1,840,000 of bonds on January 1, 2022. (a) Prepare the journal entry to…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: Monica Corporation has $4,000,000 of 8 percent, 25-year bonds dated May 1, 2016, with interest…

A: 1) Journal entry Date account and explanation Debit credit May 1,2011 Cash (4000000*103.5/100)…

Q: Lasa Corporation issued 5,000, 9%, 5-year, RM1,000 bonds dated January 1, 2020, at 100 (a) Prepare…

A: Journal entries are accounting transactions used to record various accounting transactions in the…

Q: Rumpi Company purchased $50,000 of 7 percent bonds of Evermistress Corporation on January 1, 2015,…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Swanson Corporation issued $7.400.000 of 20-year, 8 percent bonds on April 1, 2013, at 102. Interest…

A: Given that, face value of bonds issued = $7400000 issue price of the bond = $102 Value of bonds…

Q: Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Bonds are the instrument used in financial market as a debt instrument to borrow the fund from the…

Q: Hawar Company issued $400,000 of bonds on January 1, 2020. Required: Prepare the journal entry to…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Stone Corporation issued 2,900 7%, 5-year, P1,000 bonds dated January 1, 2017, at face value.…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: On June 30, 2017, ABC Co. issued $6,000,000, 6%, 4-year bonds. The bonds were sold to yield an…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Diaz Company issued $139,000 face value of bonds on January 1, 2018. The bonds had a 7 percent…

A: Concept:

Q: Arrieta Company purchased $2,250,000 of 8% bonds of Baez Company on January 1, 2023, paying…

A: solution : given face value           =$2250000 coupon rate       =8% market rate of interest = 10 %…

Q: On May 1, 2018, ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on January 1 and…

A: A bond is an instrument of raising funds. It has a fixed interest rate which is the paid by the…

Q: The Colson Company issued 300,000 of 10 % bonds on January 1, 2017. The bonds are due January 1,…

A: Prepare the journal entry to record the issuance of the bonds as on January 1.

Q: Carla Vista Corporation issued 2,800, 6%, 5-year, $1,000 bonds dated January 1, 2022, at 100.…

A: Introduction: Bonds are issued with the assistance of governments and enterprises in order to raise…

Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January 1, 2022, at face value.…

A:

Q: Cullumber Company issued $400,000 of 5-year, 5% bonds at 95 on January 1, 2022. The bonds pay…

A: Proceeds from issue of bonds = Face value of bonds x issue price/100 = $400,000 x 95/100 = $380,000

Q: Pharoah Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 104. Interest is…

A: As bonds are issued at premium, it means that bonds are sold at the amount that is greater than…

Q: Devers Corporation issued $400,000 of 6% bonds on May 1, 2017. The bonds were dated January 1, 2017,…

A: Bonds are the long term liability for the issuer. Generally company issues bonds to finance money…

Q: Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2017, at 103. The journal…

A: BOND IS AN INSTRUMENT OF INDEBTEDNESS OF THE BOND ISSUER TO THE HOLDERS .

Q: (a)Prepare the journal entry to record the sale of these bonds on January 1, 2022. (b)Prepare the…

A: