Entries for issuing and calling bonds; gainMia Breen Company produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued$396,000 of 10-year, 8% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 andNovember 1. The fiscal year of the company is the calendar year.Journalize the entries to record the following selected transactions:20Y5May 1November 120Y9November 120Y5 May 1Issued the bonds for cash at their face amount.If an amount box does not require an entry, leave it blank.Paid the interest on the bonds.Issued the bonds for cash at their face amount.20Y5 Nov. 1Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment ofinterest.)Paid the interest on the bonds.20Y9 Nov. 188Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.)88

Bond is a financial instrument which can be issued by the organizations to raise the fund. Bond is…

Answered: Mia Breen Company produces and sells…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 9E: Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp....

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Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of 66,747,178. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016.
Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018, and received $540,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued 15,000,000 of 20-year, 9% callable bonds on May 1, 2016 at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 2016 May 1. Issued the bonds for cash at their face amount. Nov. 1. Paid the interest on the bonds. 2022 Nov. 1. Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $22,000,000 of 20-year, 4% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 Nov. 1 Paid the interest on the bonds. 20Y9 Issued the bonds for cash at their face amount. Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Issued the bonds for cash at their face amount. 20Y5 May 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.). 20Y9 Nov. 1
Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,536,000 of 20-year, 9% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. 1.) Journalize the entries to record the following selected transactions: 20Y5 May 1: Issued the bonds for cash at their face amount. Nov 1: Paid the interest on the bonds. 20Y9 Nov 1: Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. 2.) Issued the bonds for cash at their face amount 20Y5 May 1: Cash Bonds Payable 3.) Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) 20Y9 Nov 1: Bonds Payable Gain on Redemption of Bonds Cash
Entries for Issuing and Calling Bonds; Gain Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $722,000 of 10-year, 12% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y9 Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank.
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $601,000 of 25-year, 12% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 Cash Cash Bonds Payable Bonds Payable Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 Interest Expense Interest Expense Cash Cash…
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: Issued the bonds for cash at their face amount. Paid the interest on the bonds. Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) For a compound transaction, if an amount box does not require an entry, leave it blank.
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $771,000 of 25-year, 13% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) Question Content Area Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 - Select - - Select - - Select - - Select - Question Content Area Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 - Select -…
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 2022 Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Y1, May 1 Paid the interest on the bonds. 20Y1, Nov. 1 Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.) For a compound transaction, if an amount box does not require an entry, leave it…
Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $980,000 of 10-year, 11% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. If an amount box does not require an entry, leave it blank. 20Y1, May 1 Paid the interest on the bonds. If an amount box does not require an entry, leave it blank. 20Y1, Nov. 1 Called the bond issue at 97, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it…
Entries for issuing and calling bonds; lossAdele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:

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