Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2017, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1. Prepare the journal entries to record (a) the issuance of the bonds, (b) the payment of interest and the related amortization on July 1, 2017, and (c) the accrual of interest and the related amortization on December 31,2017. (Round to the nearest dollar.)

Q: On January 1, 2014 Huff Co sold $4,000,000 of its 10% bonds for $3,541,184 to yield 12%. Interest is…

A: Interest Expense Interest expense are refer as the price which is charge by the lender on the use of…

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

A:

Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber…

A: Bonds Payable - Bonds is an promissory notes that the issuer paid along with interest on maturity.

Q: On December 31, 2018 Brown Company issued $600,000 of 15-year, 11% bonds payable for $558,706,…

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

Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber…

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

Q: North Airlines Company issued $900,000 of 8%, 10-year bonds on January 1, 2017, at Face value.…

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

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…

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

Q: On January​ 1, 2017​, Delaney Corporation issued five​-year, 10​% bonds payable with a face value of…

A: Dear student, we can not solve more than three sub-parts of a question if a question has more than…

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: Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2017, at 84.95 to yield 12%.…

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

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

A: Current price of the bond is the present value of all the cash flows payable on the bond discounted…

Q: On December 31, 2017, Evermore's Inc 's long-term obligation portion includes USD3,000,000 in 5-year…

A: Valuation of Bond

Q: The Crane Company issued $470,000 of 8% bonds on January 1, 2017. The bonds are due January 1, 2027,…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Danner Company sold $500,000 of 8 percent, 20-year bonds on April 1, 2014, at 105. The semiannual…

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

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

A: Workings: Sold 10 % bonds

Q: On July 1, 2017, Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1,…

A: Note – As the interest payment is semiannual interest revenue is divided by 2. Therefore $175000…

Q: Spencer Company sells 10% bonds having a maturity value of £3,000,000 for £2,783,724. The bonds are…

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

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, 2018, Paradiso Company issued 1,000 of its 8%, $1,000 bonds at 93. Interest is payable…

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

Q: On January 1, 2015, Buchheit Enterprises reported $95,000 in a liability called “Bonds Payable,Net.”…

A: We have the following information:  Reported $95,000 as Bonds Payable in Liability section of…

Q: Tan Corporation issued $600,000,000 of 7% bonds on November 1, 2015, for $644,636,000. The bonds…

A: Compute the interest expenses for the year and the interest payable as follows:

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 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…

Q: On March 1, 2016, Baddour, Inc., issued 10% bonds, dated January 1, with a face amount of $160…

A: 1.Working notes:

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 September 1, 2011, Park Rapids Lumber Company issued $80 million in 20-year, 10 percentbonds…

A:

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

A: 2. Discount on Bonds Payable  = Face value of bonds x (100 - issue price) = $600,000 x (100 - 97%) =…

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: Pharoah Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 104. Interest is…

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

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

A:

Q: The Colson Company issued 300,000 of 10% bonds on January 1, 2015. The bonds are due January 1,…

A: Bonds are the financial instruments which bear fixed interest and have a fixed tenure which will be…

Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Capulet…

A: a. The bonds were issued at discount because the interest expense is increasing and the unamortized…

Q: Prepare the journal entries to record (a) the issuance of the bonds, (b) the payment of interest and…

A: Given information is:  Value of bonds issued = $800,000 Period = 20 years Issue price of bond =…

Q: On January 1, 2010, Halston Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at…

A: Interest=Face amount×Interest rate2=$5,000,000×8%2=$200,000

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

A: