Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $350,000, 4%, 10-year bond that pays semiannual interest of $7,000 ($350,000 × 4% × ½ year), receiving cash of $350,000. (a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.     fill in the blank 5d5459fe2003067_2 fill in the blank 5d5459fe2003067_3     fill in the blank 5d5459fe2003067_5 fill in the blank 5d5459fe2003067_6 (b)  Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank.     fill in the blank 6c7f1e08605bfa3_2 fill in the blank 6c7f1e08605bfa3_3     fill in the blank 6c7f1e08605bfa3_5 fill in the blank 6c7f1e08605bfa3_6 (c)  Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank.

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $650,000, 10%, 10-year…

A: Bond :— It is a type of Debt source of financing that gives fixed periodical interest and principal…

Q: On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable…

A: Discount on Bonds payable = Face value of bonds - issue price of bonds = $200,000 - $192,462 =…

Q: On the first day of the fiscal year, a company issues a $2,500,000, 12%, 7-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $1,000,000, 7%, five-year bond that pays…

A: Bonds   Bond is a long-term financial instrument issued by a company for which the company pays…

Q: On the first day of the fiscal year, a company issues a $2,500,000, 12%, 7-year bond that pays…

A: Discount on bonds payable = face value of bonds - Issue price = $2500000-2387327 = $112673

Q: On the first day of the fiscal year, a company issues a $4,600,000, 6%, 10-year bond that pays…

A: Discount on bonds payable = face value of bonds - Issue price = $4600000-3702451 = $897,549

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 6%,…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: On the first day of the fiscal year, a company issues a $950,000, 10%, 5-year bond that pays…

A: Journal entries refer to recording/ classifying the business transactions into books of accounts…

Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: On the first day of the fiscal year, a company issues a $2,800,000, 8%, 8-year bond that pays…

A: The bonds are the financial instruments used to raise the money from the investors.

Q: On the first day of the fiscal year, a company issues a $5,100,000, 12%, 6-year bond that pays…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $300,000, 9%, 10-year…

A:

Q: On the first day of the fiscal year, a company issues a $4,600,000, 10%, 8-year bond that pays…

A: Premium on bonds payable = Issue price - face value of bonds = 5434494-4600000 = $834,494

Q: On the first day of the fiscal year, a company issues a $8,900,000, 8%, 5-year bond that pays…

A: Premium on bonds payable:  It occurs when the bonds are issued at a high price than the face value.

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Journal entries are used to record entries in chronological order for a business.

Q: 00 Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Given data, Bond issue=$650,000 Interest =$19,500 Cash received=$650,000

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,700,000, 6%,…

A: Journal entry to record the issuance of bonds: Date Account Titles Debit ($) Credit ($) xxx…

Q: On January 1, the first day of the fiscal year, a company issues a $250,000, 10%, 10-year bond that…

A: SOLUTION- BOND-  A Bond is a fixed income instrument  that represent a loan  made by the investor to…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a.$4,200,000, 10%,…

A: Bonds are issued by the companies to get the financial resources for working. It is a cheaper source…

Q: On January 1, the first day of the fiscal year, a company issues a $1,500,000, 11% , five-year bond…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $650,000, 6%, 10-year…

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

Q: On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays…

A: Bonds: Bonds are financial debt instruments issued by the corporations to raise for the purposes of…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $750,000, 6%, 10-year…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $700,000, 5%, 10-year…

A: The accounting equation shows the equal balance of assets side and equity& liability side, it…

Q: On the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays…

A: Discount on Bonds Payable = Face value of the bonds - Issue value of the bonds = $1,450,000 -…

Q: On January 1, the first day of the fiscal year, a company issues a $550,000, 8%, 10-year bond that…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: On the first day of the fiscal year, a company issues a $8,800,000, 11%, 7-year bond that pays…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $850,000, 8%, 10-year…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays…

A: Bonds are the instruments that are being issued for the purpose of raising finance. These are the…

Q: On the first day of the fiscal year, a company issues a $1,000,000, 10%, 5-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $4,900,000, 6%, 6-year bond that pays…

A: Discount on bonds issue = Face value of bonds - issue price =  $4,900,000 - $4,440,130 = $459,870

Q: On the first day of the fiscal year, a company issues a $1,100,000, 6%, 9-year bond that pays…

A: When a bond issued for a amount more than its face value then the excess amount received would be…

Q: On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $2,500,000…

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

Q: (a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an…

A: Journal entry :- Journal entry is the initial form of recording a transaction in any business.   The…

Q: Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $8,800,000, 11%,…

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

Q: a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an…

A: Bonds are the loan issued by Companies.

Q: On the first day of the fiscal year, a company issues a $1,600,000, 6%, 6-year bond that pays…

A: SOLUTION PREMIUM ON BONDS- WHEN BONDS PAYABLE ARE ISSUED FOR AN AMOUNT GREATER THAN THEIR FACE  AND…

Q: On the first day of the fiscal year, a company issues a $5,000,000, 10%, 4-year bond that pays…

A: Premium on Bond issue = Issue price of bonds - Face value of bonds = $5,336,638 - $5,000,000 =…

Q: On the first day of the fiscal year, a company issues a $900,000, 9%, 5-year bond that pays…

A: Given, Face value = $900,000 Issue price = $884,176

Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…

A: Journal Entry is Record of a transaction in accounting system of Company

Q: On the first day of the fiscal year, a company issues a $910,000, 9%, 5-year bond that pays…

A: Bonds are the liability of the issuing company payable after a definite period of time. Bonds when…

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

A: Bonds payable are a form of loan or amount taken by the business, on which regular interest payments…

Q: On the first day of the fiscal year, a company issues an $314,000, 6%, 5-year bond that pays…

A: A company issues bond having face value of $314000 at 6% , 5 year bond , paying semiannual interest…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 90 bonds with a face value of $1,060 for $99,400. The bonds…

A: Solution: journal entry to record the first payment to the bondholders is as  under:

Q: A Company issued $480,000 of 7% bonds on January 1. İnterest is payable semiannually on July 1 and…

A: BONDS Bond is a kind of fixed income instrument under which the borrower of the money issues the…

Q: On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays…

A: Given, Face value of bonds = $500,000 Issue price of bonds = $530,000

Q: On the first day of the fiscal year, a company issues a $7,300,000, 8%, 10-year bond that pays…

A: Date Account titles and Explanation Debit Credit June 30 Interest expense ($292,000+$65,428)…

Q: On the first day of the fiscal year, a company issues a $584,000, 11%, 10-year bond that pays…

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

Q: On the first day of the fiscal year, a company issues a $980,000, 10%, 5-year bond that pays…

A: Solution: Issuance of bond payable will include discount on bond payable of = face value - issue…

Q: The first day of the fiscal year, a company issues a $350,000, 6%, 10-year bond that pays semiannual…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…