Daan Corporation wholesales repair products to equipment manufacturers. On March 1, 2010, Daan Corporation issued $24,000,000 of five-year, 12% bonds at an effective interest rate of 10%, receiving cash of $25,853,146. Interest is payable semiannually on March 1 and September 1. Journalize the entries to record the following: a. Sale of bonds on March 1, 2010. b. First interest payment on September 1, 2010, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.)

Q: lendar year. Required: For all journal entries: If an amount box does not require an entry, leave…

A: Given Danzer Industries Inc. issued $56,000,000 of 20-year, 11% bonds at a market (effective)…

Q: Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on…

A: Prepare the journal entry to record the issuance of bonds at face amount on March 1.

Q: Hoover Corp., a wholesaler of music equipment, issued $17,850,000 of 25-year, 10% callable bonds on…

A: Answer -    The journal entry for bond issuance varies depends on the type of issuance; whether it…

Q: On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to…

A: When the bonds are issued at coupon rate lower than market rate, they are usually issued at…

Q: Jaurez Company issued $400,000 of 9%, 10-year bonds on January 1, 2010, at face value. Interest is…

A: Journal entry is a process of recording the business transaction in the books of accounts for the…

Q: On the first day of its fiscal year, Chin Company issued $14,100,000 of five-year, 5% bonds to…

A: Bonds refer to the security issued by government or companies to collect funds. Bonds can be issued…

Q: On the first day of its fiscal year, Chin Company issued $13,300,000 of five-year, 9% bonds to…

A: Bond is defined as the instrument of fixed income as they paid the fixed rate of interest or coupon…

Q: Rushton Corp., a wholesaler of music equipment, issued $15,710,000 of 20-year, 8% callable bonds on…

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

Q: On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued…

A: 1.

Q: On the first day of the fiscal year, Lisbon Co. issued $1,000,000 of 10-year, 7% bonds for…

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

Q: On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued…

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

Q: On the first day of its fiscal year, Ebert Company issued $20,000,000 of 5-year, 11% bonds to…

A: Under the Effective interest method, the Bond issue shall be valued at the present value of Bond…

Q: On July 1, Year 1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at a market…

A: 1.

Q: On January 1, Year 1, Hanover Corporation issued bonds with a $46,500 face value, a stated rate of…

A: Straight line method  amortization= Premium or discount/ number of period bond is outstanding.…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: 1.Journalize the entries to record the transactions.

Q: Saverin Inc. produces and sells outdoor equipment. On July 1, 2016, Şaverin Inc. issued $62,500,000…

A: Issue price of bonds (Total of above)  $  66,747,178 Less: face value of Bond    $  62,500,000…

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley…

A: Solution to a. & b. are as follows:

Q: Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued…

A:

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $30,000,000 of…

A: The Net Present Value(NPV) is the difference between the present value of cash inflow and the…

Q: On the first day of its fiscal year, Chin Company issued $21,300,000 of five-year, 4% bonds to…

A: Interest expense= Issue value of the Bonds x market interest rate x no. of months / 12 Interest…

Q: Rushton Corp., a wholesaler of music equipment, issued $11,000,000 of 20-year, 9% callable bonds on…

A: Bonds are the method of raising finance for the business entity. It is considered as a cheaper…

Q: On the first day of its fiscal year, Chin Company issued $13,200,000 of five-year, 6% bonds to…

A: Bond financing is an instrument for borrowing the funds. The borrower has to pay a fixed amount of…

Q: On the first day of its fiscal year, Chin Company issued $19,500,000 of five-year, 6% bonds to…

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

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley…

A: a. Prepare the journal entry to record the issuance of bonds on April 1.

Q: The following transactions were completed by Montague Inc., whose fiscal year is the calendar…

A: 1.Journalize the entries to record the transactions.

Q: a.  Journalize the entries to record the following: Issuance of the bonds. First semiannual…

A: Given: Price of the bond issued = $ 10,000,000 Rate of the bond = 7 % Interest rate = 8 % Cash…

Q: On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued…

A: 1.Prepare journal entry to record the amount of cash proceeds from the issuance of the bonds on July…

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley…

A: Semiannual interest payment = Face value of bonds x rate of interest x 6/12 = $20,000,000 x 9% x…

Q: On the first day of its fiscal year, Chin Company issued $23,100,000 of five-year, 9% bonds to…

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

Q: Hoover Corp., a wholesaler of music equipment, issued $16,700,000 of 15-year, 11% callable bonds on…

A: Bonds are kind of loan on which interest is paid and redeemed after certain period of time.

Q: On the first day of its fiscal year, Simon Company issued $2,500,000 of 5-year, 10% bonds to finance…

A: The bonds are issued at discount when market interest rate is higher than the stated rate of…

Q: On the first day of its fiscal year, Chin Company issued $12,700,000 of five-year, 11% bonds to…

A: Journal entries are defined as recording of the business transactions into the books of accounts of…

Q: [The following information applies to the questions displayed below.] On April 1, year 1, Cricket…

A: Bonds are a form of debt or loan issued by the company. Business has to make regular interest…

Q: O’Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O’Halloran Inc. issued…

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

Q: On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $6,600,000…

A: Answer 1:   Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: On the first day of the fiscal year, Lisbon Co. issued $1,000,000 of 10-year, 7% bonds for…

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

Q: Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation…

A:

Q: On July 1, Year 1, Danzer Industries Inc. issued $37,400,000 of 10-year, 11% bonds at a market…

A: Bonds defined as the units of the corporate debt issued through the companies as well as securitized…

Q: On the first day of its fiscal year, Chin Company issued $27,500,000 of five-year, 8% bonds to…

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

Q: ormation has been collected in the Microsoft Excel Online file.  The amount of discount to be…

A:

Q: Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on…

A: Answer - Calculations :  Interest Exp - 22000000*7%*1/2 = 770000

Q: On the first day of its fiscal year, Jacinto Company issued $14,700,000 of five-year, 8% bonds to…

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

Q: How do I journalize using the straight line method

A: A) Journal entry at the time of issuance of bonds on 1 April 2016

Q: On January 1, the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7%…

A: A.

Q: On January 1, 2006, Taguig Company issued 3-year bonds with face value of P5,000,000 at 99.  The…

A: Q1 Effective Interest Rate. The discounting rate at which the present value of cash flows equal to…

Q: Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued…

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

Q: Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued…

A: Issue price of the bonds = Present value of principal + Present value of interest payments where,…