miley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $4,100,000 of 8-year, 11% bonds at a market (effective) interest rate of 8%, receiving cash of $4,816,617. Interest is payable semiannually on April 1 and October 1   B. Journalize the entry to record the first interest payment on October 1, 20Y1, and ammortization of bond premium for six months, using the straight-line method. Round to the nearest dollar

Q: The following transactions were completed by Winklevoss Inc. whose fiscal year is the calendar year.…

A: Bonds Payable: Bonds payable is a long term debt for a company. Company issue bonds for raising cash…

Q: 1.Journalize the entries to record the foregoing transactions. Round all amounts to the nearest…

A:

Q: O'Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran Inc. issued…

A:

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

A: Market / Effective rate : 11% p.a. or 5.5% semi-annually Term of bond = 7 Years Semi-annual interest…

Q: On the first day of its fiscal year, Chin Company issued $27,500,000 of five-year, 8% bonds to…

A: Formula: Interest expense = Bond face value x Interest rate x Time period

Q: Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation…

A: Solution:- Calculation of workings:-

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Journal entries refers to the recording or the posting of the business transactions into the books…

Q: On the first day of the fiscal year, a company issues a $968,000, 8%, 10-year bond that pays…

A: Working Note: Total premium on Bonds = Issue value - Face value of the bonds = $1,016,400 - 968,000…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Bonds are the debt financial instrument issued by the company to raise the funds and in return…

Q: On the first day of its fiscal year, Chin Company issued $14,100,000 of five-year, 5% bonds to…

A: Bonds refer to the security issued by government or companies to collect funds. Bonds can be issued…

Q: On the first day of the fiscal year, a company issues a $874,000, 9%, 10-year bond that pays…

A: A record is often kept in the general ledger, but it can also be kept in a single account,…

Q: On the first day of the fiscal year, a company issues a $967,000, 8%, 10-year bond that pays…

A: A journal entry is used to record a business transaction in an organization's accounting records. A…

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

A: Total premium on bonds = Total amount received - Face value of bonds = $520000 - $500000 = $20,000

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell issued $23,500,000…

A: Journal entries refers to the systematic documentation of the financial transactions of the company…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Year1       July        1   Cash                                       $69,552,279…

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $30,000,000 of…

A: On 01.07.20Y1, Campbell Inc. issued $30000000 of 10-year, 10% bonds Received cash = $31951110…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: 1.Journalize the entries to record the transactions.

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley…

A: Solution to a. & b. are as follows:

Q: Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation…

A: Hey, since there are multiple sub-parts are posted, we will answer first three sub-parts. If you…

Q: Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued…

A: Given information Face value of bond = 87,300,000 Issue price = 92,977,730 Premium on bonds…

Q: On January 2, Year 1, Kampai Sushi Bar sold $800,000 of bonds for $785,000. The bonds will mature in…

A: Since the bond is sold for lesser amount and the bond will mature in 10 years, each year the amount…

Q: Rushton Corp., a wholesaler of music equipment, issued $11,000,000 of 20-year, 9% callable bonds on…

A: Bonds are the method of raising finance for the business entity. It is considered as a cheaper…

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $87,000,000 of…

A: As posted multiple subparts we are answering only first three sub parts kindly repost the unanswered…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Solution 1-                                                                          Journal entries…

Q: Campbell, Inc. produces and sells outdoor equipment. On July 1, 20Y1. Campbell issued $30,000,000 of…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: 20Y1   Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on the…

A: Bonds are one way for companies to raise capital. A bond is a loan between an investor and a…

Q: Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley…

A: Solution a: Journal Entries - Smiley Corporation Date Particulars Debit Credit 1-Apr-20Y1…

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

A: a. Prepare the journal entry to record the issuance of bonds on April 1.

Q: The following transactions were completed by Montague Inc., whose fiscal year is the calendar…

A: 1.Journalize the entries to record the transactions.

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

A: Semiannual interest payment = Face value of bonds x rate of interest x 6/12 = $20,000,000 x 9% x…

Q: On the first day of the fiscal year, a company issues a $883,000, 10%, 10-year bond that pays…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds.

Q: Campbell Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell Inc. issued…

A: Bonds defined as the units of the corporate debt issued through the companies as well as securitized…

Q: a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording…

A: Introduction: Bonds: Bonds are debt instrument issued by the company or other legal bodies to…

Q: On the first day of its fiscal year, Simon Company issued $2,500,000 of 5-year, 10% bonds to finance…

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

Q: On January 1, the first day of the fiscal year, a company issues a $700,000, 7%, 10-year bond that…

A: Formula: Interest amount = Bond amount x Time period x Interest rate

Q: O’Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O’Halloran Inc. issued…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds.

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

A: Bond is defined as the financial instrument which represents a debt security through which the…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: a.

Q: Daan Corporation wholesales repair products to equipment manufacturers. On March 1, 2010, Daan…

A: The straight-line method of amortization represents the equal allotment of the premium or discount…

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: Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued…

A: Date Account title and explanation Debit Credit Jan. 1 Cash $ 32,433,150             Premium on…

Q: On the first day of the fiscal year, a company issues an $440,000, 10%, five-year bond that pays…

A: Interest expense is a non-operating expense shown on the income statement. It represents interest…

Q: Campbell, Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell, Inc. issued…

A:

Q: Campbell, Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell, Inc. issued…

A: 1.Prepare journal entry for cash proceeds from the issuance of the bonds on July 1, Year 1.

Q: On January 1, the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7%…

A: A.

Q: he following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:…

A: The following journal entries are passed in the records of Winklevoss Inc. to calculate the interest…

Q: . Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording…

A: Requirement A (1): Prepare the journal entry to record the issuance of bonds on April 1

Q: Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Year 1,Shunda…

A:

Q: On the first day the fiscal year, a company issue a $437,000, 7%, 10years bond that pays semiannual…

A: Bonds are a form of debt issued by the company. These are part of long term debt of the business.…