(Entries for Bond Transactions) Presented below are two independent situations. 1. On January 1, 2017 Simon Company issued $200,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1 and January 1 2. On June 1, 2017, Garfunkel Company issued $100,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest interest is payable semiannually on July 1 and January 1. Instructions: For each of these two independent situations, prepare journal entries to record the following: 1) The issuance of the bonds 2) The payment of interest on July 1 3) The accrual of interest on December 31

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: On October 1, 2016, Ball Company issued 10% bonds dated October 1, 2016, with a face amount of…

A: Under the effective interest rate (EIR) method, the amount of interest expense in a given accounting…

Q: On October 1, 2009, Violet issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: Formula: Cash received at the time of bonds issuance = Issue value of the bonds + Accrued interest…

Q: a. Make the necessary adjusting entries at December 31, 2011, and the journal entry to record the…

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Q: On January 1, 2014, Dubai Corporation purchased 12% bonds, having a maturity value of $600,000, for…

A: Bonds receivable: It is an investment in bonds of an organization which pays a fixed rate of…

Q: On October 1, 2016, Blue Corp. issued $732,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest expense shall be recorded foe 3 months is 2016 and for 9 months in 2017

Q: Baron, Inc., issued $100,000 of its 8%, five-year bonds on January 1, 2016, at 98. Interest is paid…

A: Given, Jan 01, 2016 8% 5 year Bonds issued @ discount ($98) Face value = $ 100000   April 01, 2018…

Q: On June 1, 2015, Meganium Controls, Inc. issued P12,000,000 of 10% bonds at P10,348,080. Interest is…

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

Q: On January 1, 2016, Essence Communications issued $800,000 of its 10-year, 8% bonds for $700,302.…

A: 1.

Q: (Entries for Bond Transactions) Presented below are two independent situations.1. On January 1,…

A: 1. For Simon company: prepare journal entries to record the following: 1) The issuance of the bonds…

Q: On January 1, 2017, the board of directors of Papermaker Inc. issued 9-year, 2% bonds with a par…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: On January 2, 2012, Halcon Company issued 9% bonds in the amount of P8,000,000 which mature on…

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

Q: $939,000 to yield 10%. Alquds uses the effective-interest method of amortizing bond discount.…

A: Un amortized bond discount ,7/1/ Year 1   Bond discount amortization ,7/1/ Year 1 to  6/30/Year3:…

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

A: 1.

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

A: Bonds: It is just like a debt when the company has required the funds then it's issued the Bonds…

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

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: On January 1, 2017, Babb Trailers, Inc. issued $6,500,000 of par value bonds for $6,200,000. The…

A: Solution:- The amount of interest expense recognized by Babb Trailers, Inc. on the bond issue for…

Q: On January 1, 2006, Ward Company issued its 9% bonds in face amount of P4,000,000, which mature on…

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

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: Sylvestor Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $180,000 and…

A: Given that, Par value of bonds issued = $180000 Interest is payable on June 30 and Dec 31. Rate of…

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

A: Definition:   Bonds are a kind of interest-bearing notes payable, usually issued by companies,…

Q: On January 1, 2017, Larkspur Inc. issued $500,000 of 7%, 5-year bonds at par. Interest is payable…

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

Q: Lorance Corporation issued $850,000, 9%, 10-year bonds on January 1, 2015, for $797,036. This price…

A: If the bonds are issued at price less than the face value then it is said to be issued at discount.

Q: Consider the following independent situations:(a) On March 1, 2017, Heide Co. issued at 103 plus…

A: As posted multiple questions we are answering only one question kindly repost the unanswered…

Q: On February 1, 2009, Alpha Company issued 5,000 of its P1,000 face value bonds at 110 plus accrued…

A: Formula: Net amount received from the issuance of the bonds = Issue value of the bonds + Accrued…

Q: On November 1, 2015, Davis Company issued a $30,000, 10-year, 7% bonds for $29,100. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds =  $30,000 - $29,100 = $900

Q: On April 1, 2016, Lanz Company issued at 99 plus accrued interest, 200 of its 8%, P 1,000 bonds. The…

A: Bonds are the type of debt security issued by the company having a fixed percentage of coupon rate…

Q: Chowan Corporation issued $136,000 of 7% bonds dated January 1, 2016, for $131,421.73 on January 1,…

A: Bonds Payable: Bonds Payable are the financial instruments that are issued with a promise or…

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A:

Q: Laurance Corporation issued P 400,000, 7%, 20-year bonds on January 1, 2017, for P 360,7217 This…

A: Date Account Titles Debit Credit a )January 1, 2017 Cash $360,7217     Discount on Bonds Payable…

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

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

Q: Berry Co. issued P800,000 of 12% face value bonds for P851,706. The bonds which were dated and…

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

Q: Polk Incorporated issued $213,000 of 9% bonds on July 1, 2016, for $220,918.63. The bonds were dated…

A: Concept: The amortization is defined as the accounting techniques that are used to lowering the book…

Q: Ivanhoe Company issued $2,900,000 of 10%, 10-year bonds on January 1, 2017, at 102. Interest is…

A:

Q: Teton Corporation issued $600,000 of 7% bonds on November 1, 2017, for $644,636. The bonds were…

A:

Q: Terry Company is authorized to issue P5,000,000 of 6%, 10-year bonds dated July 1, 2011 with…

A: Bonds Payable - Bonds Payable is the liability for the company issued for a fixed period of time. It…

Q: On July 1, 2015, ARC Industries Corporation issued for cash $500,000 of 20%, 10 year bonds with…

A: Given,   July 1, 2015    20% Bond issued = $500000 Interest payable semi-annually @ January 1 &…

Q: On January 1, 2006, Carrow Company issued its 10% bonds in the face amount of P1,000,000 that mature…

A: Lets understand the basics. There are two method for amortizing bond premium/discount which are, (1)…

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: On January 1 2017, Aumont Company sold 12% bonds having a maturity value of $500,000 for…

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

Q: Wildhorse Co. issued 10%, 6-year, $2,739,400 par value bonds that pay interest semiannually on…

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Q: On December 31, 2016, Interlink Communications issued 6% stated rate bonds with a face amount of…

A: Price of the bond is the present value of the cash outflow at the end of the term and the present…

Q: On July 1, 2018, Mason & Beech Services issued $33,000 of 10% bonds that mature in five years. They…

A: Interest payable on the bond is the amount payable on the bond by the bondholder at the coupon rate,…

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: