nya Company disclosed the following accounts on December 31, 2020:   12% Bonds Payable- Due January 1, 2023 Jan 1, 2020                                                                         Jan 1, 2013       6,000,000 P3,000,000 face amount purchased at 90 and retired                          2,700,000 Discount on Bonds Payable Jan 1, 2013                          300,000 Required: Compute the balance of bonds payable and discpunt on bonds payable on December 31, 2020. The staright line method of amortization is used. Compute bond interest expense for the year ended December 31, 2020. Interest is payable semiannually on Jnaury 1, and July 1. Prepare adjusting entries on December 31,2020.

Q: On July 1, 2020, West Company purchased for cash, sixteen $10,000 bonds of North Corporation to…

A: Introduction Bonds issued with discount: Bonds are financial instrument which represents company’s…

Q: On Jan. 1, 2020, Eee Company issued 9% bonds in the amount of P 500,000, which mature on Jan. 1,…

A: Formula: Carrying value of bonds payable = Issue price of the bonds + Amortization of bond discount…

Q: On January 1, 2019, Shrimp Company issued its 9% P9,000,000 face value bonds, which matures on…

A:

Q: Chowan Corporation issued $198,000 of 8% bonds dated January 1, 2019, for $191,470.07 on January 1,…

A: Discount on bonds payable is first calculated which is the difference of Bonds par value and the…

Q: On June 1. 2020. Mitchell Inc. issued 100, 8%, $1,000 bonds dated June 1, 2020 for $108,530. The…

A: The face value of a bond is 100000 and it is issued at 108530. The premium on the issue of bond is…

Q: Anya Company disclosed the following accounts on December 31, 2020.                          12%…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: On January 1, 2019, Learned Inc. issued $105 million face amount of 20-year, 14% stated rate bonds…

A: Proceeds (Issue price) of bonds=Present value of semiannual interest payment+Present value of…

Q: On January 1, 2019, Fri Company issued P4,000,000 maturity value, 12% bonds for P4,000,000 cash. The…

A: Accrued interest payable is one of the liability of the business, which needs to be paid or settled.…

Q: Consider the following independent situations: a.    On March 1, 2020, Heide Co. issued at 103 plus…

A: Step 1: a. Compute the net amount of cash received as follows:

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

A:

Q: On January 1, 2021, Carrow Company issued 11% bonds in the face amount of P1,000,000 that mature on…

A: Bonds are a form of loan or debt that is being taken by the business, on which regular interest…

Q: Auerbach Inc. Issued 10% bonds on October 1, 2021. The bonds have a maturity date of September 30,…

A: Bonds are a form of debt or liability for the business, on which regular interest payments also…

Q: Presented below are selected transactions on the books of Simonson Corporation. May 1, 2020 000…

A: Bonds: Bonds are debt instruments issued by the borrower company to its lenders. Bonds are issued at…

Q: On January 1, 2020, Swifty Limited paid $561,003.30 for 10% bonds with a maturity value of $540,000.…

A: Journal entries refers to the process of systematic documentation of financial activities of a…

Q: On January 1, 2021, Crane Ltd. issued $640,000 of 5%, 5-year bonds. The bonds were issued to yield a…

A: The process of recording financial activity for the first time in the books of accounts is known as…

Q: In the statement of financial position of Leblanc Company as of December 31, 2020, the following…

A: Redemption of the bonds = Face value of Bonds Payable x Redemption value / 100 = P1,000,000 x 98/100…

Q: Gordon Corporation issued $200,000 par value, 4%, 5 year bonds on January 1, 2019. The bonds mature…

A: 1. Calculation of present value of bond and interest Bond value= $ 200000 Time = 5years ( semi…

Q: On April 1, 2021, ORANGE Inc. issued at 97 including accrued interest, 2,000 of its 10%,₱1,000…

A: Accrued interest on bonds = face value of bonds x rate of interest x no. of months/12 =…

Q: Anya Company disclosed the following accounts on December 31, 2020:   12% Bonds Payable- Due…

A: The adjusting entries on December 31 2020 is as follows :

Q: On March 1, 2014, Khaleesi Company issued 10-year P5,000,000 8% term bonds dated March 1, 2014 and…

A: Unamortized discount on bonds payable of 333,906

Q: n Jan 1, 2020, Liezel Company issued 10% bonds in the face amount of P5,000,000 that mature on Jan…

A: Solution Given Face value 5000000 Issue price 4580000 Coupon rate 10%…

Q: On January 2, 2020, Lucan Company issued 9% bonds in the amount of P10,000,000 which mature on…

A: Discount on bonds payable = Par value of bonds - Issue price of bonds Interest expense = Issue price…

Q: Teton Corporation issued $600,000 of 7% bonds on November 1, 2020, for $644,636. The bonds were…

A: Step 1: Compute the interest payable as follows:

Q: On January 1, 2021, a company issues 3-year bonds with a face value of $230,000 and a stated…

A: Given, Effective interest rate = 5% Therefore, Interest expense to be charged to Profit and loss…

Q: On March 1, 2021 Lesley Company issued at 103 plus accrued interest 4,000 of 9% P1,000 face value…

A: Solution: Accrued interest on Bond = 4,000*P1,000*9%*2/12 = P60,000 Proceed from issue of bond =…

Q: On January 1, 2020, CAB Co. issued 9% bonds in the amount of P2,500,000, which mature on January 1,…

A: Interest payment on June 30, 2020 = Face value of bonds x rate of interest x 6/12 =2500000*9%*9/12 =…

Q: Potter Corporation issued $500,000 of 5​%, 12​-year bonds payable on March​ 31, 2019. The market…

A: Answer 1 Face value of the bond is $5,00,000 however same has been issued at discount. If coupon…

Q: On May 1, 2022, Cucumber Corporation issued $860,000, 12%, 5-year bonds at face value. The bonds…

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

Q: Lasa Corporation issued 5,000, 9%, 5-year, RM1,000 bonds dated January 1, 2020, at 100 (a) Prepare…

A: Journal entries are accounting transactions used to record various accounting transactions in the…

Q: On October 1, 2020, Shane Company issued 5,000 12% bonds with face amount of P1,000 per bond at 110.…

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the further…

Q: On January 1, 2020, Merry Company issued its 9% P9,000,000 face value bonds, which matures on…

A: Total discount on bonds issue = face value of bonds - issue value of bonds = P9,000,000 - P8,451,000…

Q: Hillis Corporation issued $600,000 of 13% bonds on January 1, 2019, for $614,752.24. The bonds are…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Mara Company reported the following accounts on December 31,2021: Premium on bonds payable 50,000…

A: Bond refunding refers to when higher-cost bonds are paid off with debt that has a lower net cost to…

Q: On November 1, 2020, Mason Company issued P4,000,000 of 10-year, 8% term bonds dated October 1,…

A: Accrued Interest: It is the amount of interest on a loan  or a financial obligation which  has been…

Q: JR Company showed the following balances in connection with its noncurrent liabilities on December…

A: Bond Payable: Bonds payable are the long term debt  ,the amount owed to bond holders by the issuer…

Q: BMT Company issued P5,000,000, 12%, 20-year bonds at 102 plus accrued interest on February 1, 2021.…

A: Accrued interest on the bonds company collect from the investor on February 1, 2021 = Face value of…

Q: On December 31, 2020, Reyes Company issued P2,000,000, 12% serial bonds to be repaid in the amount…

A: Annual interest payment = face value of bonds x rate of interest x no. of months/12 = P2,000,000 x…

Q: On January 1, 2019, Langka Inc. issued 9% bonds in the face amount of P5,000,000 which mature on…

A: Solution: Face value of bond = P5,000,000 Issue price of bond = P4,695,000

Q: Interlink Company was authorized bonds with face amount of P8,000,00 January 1, 2020, and interest…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

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: On April 1, 2019, Ellison Co. issued 4-year, 7%, $100,000 face value bonds. The bonds were issued at…

A:

Q: On April 1, 2020, Greg Company issued, at 99. plus accrued interest, 4,000 8% bonds with face amount…

A: Given: No. of 8% bonds issued=4000Face value of bonds =P1000Bonds issued at =99 plus accrued…

Q: On January 1, 2018, Rei Company obtained $4,000,000 of 12% face value bonds at $3,767,000 to be held…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: Compute the December 31, 2020, amount of equity. Compute the debt to assets ratio at December 31,…

A: Hi student Since there are multiple questions, we will answer only first question. For first…

Q: On January 2, 2021, YELLOW Co. issued 9% bonds in the amount of ₱1,000,000 which mature on January…

A: Analysis: In case of Bonds Calculation, Carrying amount of bonds payable as on date will be computed…

Q: Mara Company reported the following accounts on December 31, 2021: 50,000 180,000 Premium on bonds…

A: Introduction Bonds are investment securities that is issued by company and in which investor invest…

Q: On July 1, 2019, Pen Co. issued 4,000 of its 8%, P1,000 face value bonds payable for P3,504,000. The…

A: Introduction: Bonds discount: When bonds are issued at less than its face value called bonds…

Q: On March 1, 2021, RED Corporation issued at 103 plus accrued interest, 1,000 of its 9%,₱1,000 bonds.…

A: Solution: Accrued Interest for 2 months of Jan and Feb = 1000*1000*9%*2/12 = 15,000 Net cash…