On January 1, 2019, Knorr Corporation issued $1,000,000 of 9%, 5-year bonds dated January 1, 2019. The bonds pay interest annually on December 31. The bonds were issued to yield 10%. Debt issuance costs associated with the bonds totaled $18,000. Required:   Prepare the journal entries to record the following:   January 1, 2019 Sold the bonds at an effective rate of 10% December 31, 2019 First interest payment using the effective interest method December 31, 2019 Amortization of bond issue costs using the straight-line method December 31, 2020 Second interest payment using the effective interest method December 31, 2020 Amortization of bond issue costs using the straight-line method

Q: On January 1, 2019, X Sports Corporation issued 10% bonds with a face value of $200,000. The bonds…

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A: Workings: Discount on issue of 10% Bonds=$500,000-$486,000=$14,000 the straight-line amortization…

Q: On January 1, 2020, Nichols Company issued for $1,085,800 its 20-year, 11% bonds that have a…

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

Q: On January 1, 2021, White Water issues $440,000 of 7% bonds, due in 10 years, with interest payable…

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Q: On January 1, 2019, G Sports Corporation issued 10% bonds with a face value of $200,000. The bonds…

A: SOLUTION- DISCOUNT ON BONDS IS THE DIFFERENCE BETWEEN THE ISSUE PRICE AND THE FACE VALUE OF BOND.…

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Q: f each year. Aumont Company allocates interest and unamortized discount or premium on the…

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

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Q: On January 1, 2019, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the…

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Q: On July 1, 2019, Choir Company issued $700,000 face value of 5%, 20 year bonds. The bonds call for…

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Q: On January 1, 2020, Skysong Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were…

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Q: On December 31, 2019, Potter Corporation issued €2,000,000, 6%, 5-year bonds for €1,840,324. The…

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Q: On December 31, 2019, Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of…

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A: Interest payment = $2,460,000*8% Interest payment = $196,800

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Q: On January 1, 2019, Calvert Company issues 10%, $200,000 face value bonds for $207,259.79, a price…

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Q: On January 1, 2019, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the…

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A:

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

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

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Q: On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

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Q: Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest…

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Q: On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 103. Interest is paid…

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A: Answer 1:

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Q: On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable…

A:

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

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Q: On January 1, 2019, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due…

A:

Q: Stinson Corporation issued $520,000 of 5​%, 10​-year bonds payable on March​ 31, 2019. The market…

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Q: Chowan Corporation issued $115,000 of 9% bonds dated January 1, 2019, for $111,283.65 on January 1,…

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Q: On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a…

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Q: On January 1, 2019, Legion Company sold OMR 50,000 of 10% ten-year bonds. Interest is payable…

A: Formulas: Interest expense = Issue price * Yield

Q: On October 1, 2019, Rupert Limited sold a 4% six-year, $20 million bond at 94.92, providing a yield…

A: Answer with all necessary workings are as follows.

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

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Q: On January 1, 2019, Toni Corporation issued 3,000 of its 9%, P1,000 bonds when the prevailing market…

A: