Crane Company issued $740,000, 10-year, 5% bonds at 103.   Suppose the remaining Premium on Bonds Payable was $13,320 on December 31, 2025. Show the balance sheet presentation on this date. CRANE COMPANY Balance Sheet (Partial) choose the accounting periodchoose the accounting period                                                                        select an opening subsection nameselect an opening subsection name                                                                                enter a balance sheet itementer a balance sheet item   $enter a dollar amount enter a dollar amount     select between addition and deductionselect between addition and deduction                                                                       : enter a balance sheet itementer a balance sheet item   enter a dollar amountenter a dollar amount   $enter a total of the two previous amounts enter a total of the two

Q: Sarasota Inc. issued $4,170,000 of 10%, 10-year convertible bonds on June 1, 2020, at 97 plus…

A: Solution: When a bond is sold at a discount, the amount of the bond discount must be amortized to…

Q: Waterway Inc. issued $15,400,000 of 12%, 40-year convertible bonds on November 1, 2020, at 98 plus…

A: a). Date Account title & Explanation Debit($) Credit($) December 31,2020 interest payable…

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, 2011, Davis Corporation issued $3,900,000 of 7% bonds at 101. Interest is paid…

A: 1. Calculate the re-acquisition price of the bonds on January 2, 2019.

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Solution: When bonds are redeemed before maturity date, difference between carrying value and…

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A: The bonds payable are issued at premium when market rate is less than the coupon rate of bonds…

Q: Simko Company issued $630,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for…

A: Bonds are generally long-term debt. The company issue bonds for investment purpose and paid interest…

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

A: journal entry        Date  Account titles & explanations  Debit  Credit…

Q: On August 1, 2021, Excel Company purchased at par P5million bonds with stated interest rate of 12%…

A: Lets understand the basics. We all know that bond can be purchased at the issue time or at mid of…

Q: Myriad Solutions, Inc., issued 10% bonds, dated January 1, with a face amount of $320 million on…

A: Requirement 1:

Q: Sandhill Co. issued $4,100,000 of 12%, 5-year convertible bonds on December 1, 2020 for $4,122,360…

A: When the bonds are issued at premium, the amortisation premium needs to be adjusted against the…

Q: Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued…

A: When, the debentures are issued at less than par value, it is has been issued at discount. The…

Q: n Jan 1, 2020, Liezel Company issued 10% bonds in the face amount of P5,000,000 that mature on Jan…

A: Solution Given Face value 5000000 Issue price 4580000 Coupon rate 10%…

Q: On July 1, 2020, an interest payment date, $200,000 of Pride Co. bonds were converted into 12,000…

A: When the bonds were converted into equity shares then the balance in Unamortized premium on bonds…

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2018, for $967,707. The bonds were dated…

A:

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: Solution:- Introduction:- Journal entry is the first step in the accounting process. It is used to…

Q: urnal entry for April 1, 2021 bond conversion?

A:

Q: On May 1, 2022, Blossom Corp. issued $820,000, 12%, 5-year bonds at face value. The bonds were dated…

A: Interest expense is the amount of expense incurred by an entity. It is paid to the bond holder in…

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A: We have the following information of the Gorman Group: 9% $860,000 bonds issued for $945,110…

Q: The Gorman Group issued $810,000 of 11% bonds on June 30, 2021, for $879,498. The bonds were dated…

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

Q: Sandhill Co. issued $4,100,000 of 12%, 5-year convertible bonds on December 1, 2020 for $4,122,360…

A: Convertible bonds are a type of bonds issued by the organization, where at the time of maturity of…

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

Q: On June 30, 2021, Marc Industries had outstanding $800 million of 8% convertible bonds that mature…

A: From the question we get the following data: Face value of the bond converted = $800 million * ½ =…

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: On March 1, 2018, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2018,…

A: Requirement 1   Determine the amount of accrued interest that was included in the proceeds received…

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

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

Q: On January 1, 2021, Borg Company issued 4,000 of its 8% P2,000 face value bonds at 97 including…

A: The bonds are issued at discount when the coupon rate of bonds is lower than the stated rate of…

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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: Novak Corp. redeemed $148,000 face value, 12% bonds on April 30, 2022, at 102. The carrying value of…

A: Redemption of bonds: It is the buyback of bonds issued by the company to the investors. Bonds…

Q: Garr Co. issued $6,000,000 of 12%, 5-year convertible bonds on December 1, 2018 for $6,025,480 plus…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Hillis Corporation issued $600,000 of 13% bonds on January 1, 2019, for $614,752.24. The bonds are…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On January 1, 2021, for $18 million, Monument Company purchased 10 year, 10% bonds, dated January 1,…

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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 January 1, 2020, Marimar Company issued 10,000 of its 12%, P1,000 face value 5-year bonds at 105.…

A: Interest on bond will be charged on the par value of bond, at the rate for which bond issued.…

Q: On January 1, 2020 Wolf Company issued 10% bonds in the face amount of P5,000,000, which mature on…

A: The bonds are issued on premium when market interest rate is less than the coupon rate of the bonds…

Q: (a) Novak Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2020. The bonds were dated…

A: Bond discount is the amount by which the selling price (or issue price or market price) of the bond…

Q: On October 1, 2021, ABC Corporation issued, at 99 excluding accrued interest, 3,000 of its 8% 1,000…

A: Bond: It is a form of long-term debt issued by company . It is a contract to pay the bondholders…

Q: At the beginning of the current year, Candice Company acquired bonds with face amount of P3,000,000…

A:

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds.

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: 1.

Q: Larkspur Inc. issued $3,780,000 of 10%, 10-year convertible bonds on June 1, 2020, at 99 plus…

A:

Q: b. Cheriel Inc. issued $600,000 of 9%, 10-year bonds on June 30, 2022, for $562,500. This price…

A: A bond seems to be a fixed-income investment product that reflects an investor's debt to a borrower…

Q: Presented below are two independent situations. 1.   On January 1, 2020, Headland Company issued…

A: A journal entry is the act of keeping or making records of any transactions either economic or…

Q: On March 1, 2016, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2016,…

A: BondsBonds are a kind of interest bearing notes payable, usually issued by companies, universities…

Q: Oriole Inc. issued $6 million of 10-year, 10% convertible bonds on June 1, 2020, at 99 plus accrued…

A: SOLUTION  A JOURNAL IS AN COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTION ARE RECORDED IN…