(Entries for Bond Transactions-straight line) Celine Dion-company issued $600,000 of 10%-20-year bonds on January 1, 2017 at 102. Interest is payable semiannually on July 1 and January 1. Dion company uses the straight-line method of amortization for bond premium or discount. Instructions: Prepare the journal entries to record the following: a) The issuance of the bonds b) The payment of interest and the related amortization on July 1, 2017 c) The accrual of interest and the related amortization on December 31, 2017.

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

A:

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A:

Q: On January 1, 2016, Wolf Company issued 10% bonds in the face amount of P5,000,000, which mature on…

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

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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: Angelas Company issued a $500,000, 10 percent, 10-year bond on January 1, 2015, for 113.6 when the…

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A: Amortization means decrease in the amount of debt over a period of time by paying some amount…

Q: Prepare journal entries for the following transactions.

A: Journal entries refers to the official book of a company which is used to record the day to day…

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A: a. Date Account Title and Explanation Debit Credit 1-Jan Cash ($800,000*119.792%) $958,336…

Q: On July 1, 2010, Remington Chemical Company issued $4,000,000 face value, 10%, and 10-year bonds at…

A: Balance Sheet         Liabilities         Bonds Payable 4000000       Premium on Bonds Payable…

Q: Determine the present value of the bonds at issuance.

A: Bond valuation is the process of finding the fair value of the bond. It means to find the present…

Q: On December 31, 2018, White Company issued $400,000 of five-year, 12% bonds payable for $430,887,…

A: Premium on bonds = Issue value - Face value = $430,887 - $400,000 = $30,887

Q: On January 2, 2012, Tamarisk Corporation issued $1,650,000 of 10% bonds at 96 due December 31, 2021.…

A: First step is to compute the total discount on the issue of bonds on jan 2012.This will be computed…

Q: On January 1, 2018, Parker Company issued bonds with a face value of $63,000, a stated rate of…

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

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: Sandhill Co. issued $480,00O, 9%, 15-year bonds on December 31, 2016, for $460,800. Interest is…

A: Journal entry to record the transactions are as under:

Q: On January 1, 2016, Denver Inc. issued its 10% bonds in the face amount of P400,000, which mature on…

A: Please see Step 2 for required information.

Q: On July 1, 2018, McNamara Company issued for $598,964, 10%, 20-year bonds with a face value of…

A: Premium on Bonds = Issue price - Face value                                  = $598964-500000…

Q: On January 1, 2006, Naruto 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: 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: 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 January 1, 2016, Mary Co. issued its 10% bonds in the face amount of P 1,500,000 which mature on…

A: A bond is a fixed-income investment vehicle that represents an investor's obligation to a borrower…

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: 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 November 1, 2015, Davis Company issued $30,000, ten-year, 7% bonds for $29,100. The bonds were…

A: SOLUTION- BOND-IT IS A FIXED INCOME INSTRUMENT THAT REPRESENT THE LOAN MADE BY AN INVESTOR TO A…

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

Q: Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2017, at 119.792 to yield 8%.…

A: Requirement a:   Pass necessary journal entry to record issue of bonds at premium.

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

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

Q: On January 1, 2017, Carter Sales issued $28,000 in bonds for $15,700. These are six-year bonds with…

A: The following entry would have been recorded by Carter on January 1, 2017.

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A: GIVEN   On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1,…

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A: Step 1: Record the journal entry for issuance of bonds on March 1, 2016:

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

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

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

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A: On 01.01.2017, Barclays bank issued = 5 year 8% bonds = K750000 to Puma Zambia  Interest payable =…

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A: Journal Entry - It is record of every business transaction in day to day life for a particular…

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A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

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

A: