Face Value of Bonds P6,540,000 Issue Price: 112 Issuance Date: January 1, 2019 Stated Rate: 8% Interest Payment: Annually, every December 31 Bond mature on every December 31 at the rate of P1,090,000  Maturing on December 31, 2023  Retired at 92 on December 31, 2019

Q: On June 30, 2020, Ayayai Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a…

A: Introduction: A journal entry is a recording of a business contract in the accounting system of a…

Q: Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a eight-year term and…

A: Carrying value of bonds = Beginning carrying value + Increase in carrying value

Q: CHINA Corporation, on January 1, 2021, issued 30,000, 10%, P100 bonds for P2,900,305. Principal…

A: As per effective interest method, the amount of interest expense correlates with the carrying value…

Q: plus accrued interest on February 1, 2020. The bonds are dated 5 Michigan, Inc. issued P1 million,…

A: Accrued interest collected on February 1 = Face value of bonds x rate of interest x no. of months/12…

Q: Prepare a bond interest expense and premium amortization schedule using the straight-line method. 2.…

A: Under the Straight line method, a Bond premium or discount is amortized equally over the bond term…

Q: Discount-Mart Issues $20 million In bonds on January 1, 2021. The bonds have a seven-year term and…

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

Q: (b) Bonita Co. sells $431,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and…

A: Bond Accounting refers to the recording of bond related transactions i.e. issuance of bond at par,…

Q: Marin Co. sells $467,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and…

A:

Q: A company issues P5,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2022. Interest is paid on…

A: Formula: Semiannual interest payment = Face value of bonds x rate of interest x no. of months / 12…

Q: Rombus corp issued P600,000, 9%, 20-year bonds on January 1, 2020, at P103. Interest is payable…

A: Each transactions needs to be recorded in the books of accounts. Journal entries are basic…

Q: On June 30, 2021, Singleton Computers issued 9% stated rate bonds with a face amount of $200…

A: Bonds refer to borrowing security issued by the company to raise funds from the market by making an…

Q: A company issues $15100000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on…

A: It is the financial instrument issued by the company to raise the fund for business operations.…

Q: Wang Corporation issued $100,000 5 year bonds January 1, 2020. The bonds pay interest annually and…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Claremont Inc. issued a $400,000 bond on January 1, 2020. The bond had a five-year life and an 8%…

A: A bond is an instrument of an indebtedness to the holders of bond issuer in finance. The most…

Q: (A) Bridgeport Co. sells $534,000 of 8% bonds on March 1, 2020. The bonds pay interest on September…

A: Bonds represent debts which are issued by the firm to meet the capital requirements. They act as a…

Q: Crane Company sells 8% bonds having a maturity value of $1,420,000 for $1,312,340. The bonds are…

A: Effective interest rate: It can be defined as the interest rate on borrowings or on any financial…

Q: Amortization Schedule - Bonds Wang Corporation issued $100,000 5 year bonds January 1, 2020. The…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: Bonds Issued at a Premium (Effective Interest) Cookie Dough Corporation issued $1,500,000 in 7%,…

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: E-Tech Initiatives Limited plans to issue $500,000, 10-year, 4 percent bonds. Interest is payable…

A: Number of bonds=Total valuePar value=$500,000$100=5,000

Q: Required informetion (The following information applies to the questions displayed below.] On…

A: Balance Sheet   Income Statement Assets = Liabilities + Stockholders' Equity   Net Income =…

Q: On January 1, 2019, Calvert Company issues 10%, $200,000 face value bonds for $207,259.79, a price…

A: journal entry is the act of keeping or making records of any transactions that is listed on the…

Q: PECAN Company issued ₱10,000,000 face value bonds at 95 plus accrued interest on March 1, 2021.…

A: Interest accrued on bonds = Face value of bonds x rate of interest x no. of months/12 = ₱10,000,000…

Q: On January 1, 2019, Calvert Company issues 10%, $100,000 face value bonds for $103,629.90, a price…

A: Definition:

Q: On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January…

A: Bond is the debt security that investors uses to reduce the risk and increase stable return from…

Q: A company issues $17200000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on…

A:

Q: Current Attempt in Progress On June 30, 2020, Larkspur Company issued $ 3,551,000 face value of 13%,…

A: Bonds are a form of loan or liability for the business, on which regular interest payments needs to…

Q: On July 1, 2021, Sarah Company issued 4,000 8% bonds payable with P1,000 face amount for P3,504,000.…

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

Q: On January 1, 2021, Jackie Company issued P8,000,000 8% eight-year bonds. Similar bonds had an…

A: The carrying value of bonds refers to the amount shown as liability by issuer in accounting records…

Q: Interest is payable annually every December 31. The bonds mature on December 31, 2023. The effective…

A: Fair Value through Profit or loss: When a financial asset is recognized as fair value through profit…

Q: Submarine Company issued P1,000,000 par value, 12% bonds on January 2, 2020. The bonds mature in 10…

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

Q: Computation of Effective Interest Rate On June 30, 2019, Gaston Corporation sold $890,000 of 9%…

A: Price of bond is equal to present value of coupon payment +Present value of par value.

Q: Ellis Company issues 6.5%, five-year bonds dated January 1, 2019, with a $250,000 par value. The…

A: It is a fixed income instrument that represents a loan made by an investor to a borrower (corporate…

Q: Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds…

A:

Q: On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of…

A: Price of the bond: Price of the bond is the present value of the amount to be paid after end of the…

Q: Indigo Co. sells $425,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and…

A: Bond is an instrument which helps the entity in getting money from public or from some other private…

Q: Prepare the journal entries to record the issuance of the bonds on January 1 and the first two…

A: Bonds are issued by the company to meet the financial requirements of the company without losing its…

Q: On June 30, 2020, Pearl Company issued $3,990,000 face value of 14%, 20-year bonds at $4,590,340, a…

A: Face value of bonds= $3990000 No of years=20 years interest rate= 14% Yield rate= 12% Cash received…

Q: Complex Solution Company issues P2 M face value, 9%, 10-year bonds payable on December 31, 2023.…

A:

Q: Novak corp. Issued $417,000,11% 15 year bonds on december  31,2021 for $404,490.interest  is payable…

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

Q: On January 1, 2021, Gibson Company issues $5,000,000 of 10 year bonds at an issuance price of 98.…

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

Q: Kim Company issued P 10,000,000 bonds on bond issue date, December 31,2018. The bonds pay interest…

A: Bonds A bond is a fixed-income security that reflects an investor's debt to a borrower (typically…

Q: On June 30, 2020, the market interest rate is 7% Moreau Enterprises issues $500,000 of 8% , 19-year…

A: A bond is a borrowing security issued by a company to raise funds from the market by making an…

Q: On January 1, 2019, Drennen Inc. issued $5 million face amount of 10-year, 14% stated rate bonds…

A:

Q: On January 1, 2019, Tara Company issued a 10% bonds payable  in the face amount of P6,000,000. The…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Discount-Mart issues $17 million in bonds on January 1, 2021. The bonds have a eight-year term and…

A: One of the source used by the business organizations in order to meet their financial requirements…

Q: On January 1, 2019, a compeny Issued $400,200 of 10-year, 129% bonds. The Interest is payable…

A: Interest payment on June 30 = Face value of bonds x rate of interest x 6/12 = $400200*12%*6/12 =…

Q: A company issues $16700000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on…

A: Bond is type of a debt security which is generally issued by corporates or government to arrange…

Q: Culver Co. sells $424,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and…

A: Bonds Payable:  Bonds payable are generated when a company issues bonds to generate cash. As a bond…

Q: Ellis Company Issues 7.0%, five-year bonds dated January 1, 2019, with a $510,000 par value. The…

A: Answer with all calculation are as follows

Q: E-Tech Initiatives Limited plans to issue $530,000, 10-year, 4 percent bonds. Interest is payable…

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