On January 1, 2021, Lh Company was authorized to issue 12% bonds with a face amount of ₱5,000,000. Interest on bo

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A: Bonds Payable: Bonds payable are recorded when a company issues bonds to generate cash. Cash…

Q: On January 1, 2021, PRANCER Company was authorized to issue 12% bonds with a face amount of…

A: Bond Issue Bond is an instrument which was issued by the federal authority which was used by the…

Q: On August 31, 2021, BEAST Company issued at 104 plus accrued interest, three thousand 10% bonds with…

A: Hi since you have posted a question with multiple subparts we are solving the 1st 3 subparts for…

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

A: Interest method of amortization: This is a method useful for bonds which are sold at a discount. The…

Q: On December 31, 2020, Fame Company sold a 12% serial bond issue with face amount of P7,000,000 for…

A: Bond Payable The main sources of generation liquidity into the business entity to raise the issue of…

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, PRANCER Company was authorized to issue 12% bonds with a face amount of…

A: Bond Issue A bond is an instrument that was issued by the federal authority which was used by the…

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: Marbel Company was authorized to issue 12% bonds payable with face amount of P5,000,000 on April…

A: Bonds are those units that are issued by the companies and securitized as tradeable assets. It is a…

Q: On March 1, 2021, FLAXSEED Inc. issued at 97, including accrued interest, 2,550 of its 10%, ₱1,000…

A: If the interest accrued from the previous due date of interest is included in the quoted price, then…

Q: On October 1, 2021, Simplified Company purchased a 12% P3,000,000 face amount of bond issue for…

A: Bonds can be amortized using the effective interest method and the straight-line amortization…

Q: On May 31, 2020, VIOLET Company issued 6% bonds with face amount of ₱4,000,000 for net proceeds of…

A: Interest payment on December 31, 2020 = Face value of bonds x rate of interest x no. of months/12 =…

Q: On January 1, 2021, Luyang Company issued 3-year bonds with face amount of P5,000,000 at 98.…

A: Bonds payable is a liability account that holds the amount that the issuer owes to bondholders.…

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: Required: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b)…

A: Bonds: Bonds are the fixed income instrument that provide regular interest income to its holders. It…

Q: On March 1, 2021, Brown-Ferring Corporation issued $100.0 million of 15% bonds, dated January 1,…

A: Accrued Interest- In accounting, accrued interest refers to the sum of interest that has been…

Q: On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face…

A: Solution A journal is used to record the business transation in chronological order. It has two…

Q: on april 1, 2019 franville corporation issued, at 98 plus accrued interest, 400 of its 105, $1000…

A: Number of bonds = 400 Face value of bonds = $1,000 The bonds issued at a 98% discount  Interest on…

Q: On May 1, 2022, Blossom Corp. issued $820,000, 12%, 5-year bonds at face value. The bonds were dated…

A: Interest expense is the amount of expense incurred by an entity. It is paid to the bond holder in…

Q: On August31,2021, DASHER Company issue dat 104 plus accrued interest, three thousand 10% bonds with…

A: Answer: The carrying value of a bond refers to the net amount between the bond’s face value plus any…

Q: On July 1, 2020, Wheeler Company purchased $4,000,000 of Duggen Company's 8% bonds, due on July 1,…

A: Amount of interest revenue for the year ended December 31, 2020: = Amount paid on bonds purchased x…

Q: On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face…

A: Golden Rules of Accounting : Account Type Debit Credit Personal Account the receiver the giver…

Q: On January 1, 2021, PRANCER Company was authorized to issue 12% bonds with a face amount of…

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

Q: On September 1, 2021, ETC Company received P1,032,880 for P1,000,000 face amount, 12% bonds, a price…

A: If the issue price of a bond exceeds its face value then the bond is said to be issued at a premium.

Q: On January 1, 2021, LACEA COMPANY issued 7% term bonds with a face amount of P1,000,000 due January…

A:

Q: On October 1, 2010, EEE Inc. issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: In the given case - P1000 Bonds are dated 1st July-2010. The bonds are issued on 1st October-2010…

Q: On October 1, 2021, Shane Company issued 5,000 of the P1,000 face value, 12% bonds at 110 including…

A: The main purpose of bon issuance by the company is to raise capital or money from the outside.Bonds…

Q: Xonic Corporation issued 8 million of 20 year, 8 percent bonds on April 1, 2018, at 102. Interest is…

A: a. Following is the journal entry of issuance of bonds:

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: On March 1, 2018, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2018,…

A: Requirement 1   Determine the amount of accrued interest that was included in the proceeds received…

Q: On June 1, 2019, Vape Inc. issued P12,000,000 of 10% bonds to yield 12% effective rate. Interest is…

A: The carrying value of a bond is the the net amount between the bond's face value plus any…

Q: On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: On January 1, 2021, Jackie Company issued at 76 (gross of issuance costs of P46,260), 6% bonds which…

A: Working note: Computation of issue price of bonds, Discount, par value of bond:

Q: On January 1, 2021, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable…

A: In this question we have been asked to calculate the carrying value of the bond, for which we have…

Q: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth’s…

A: Journal enteries on the issuance of Bonds for the organisation Western and stillworth organisation.

Q: On March 1, 2020, WHITE Corporation purchased bonds with face amount of P5,000,000. The entity paid…

A: When the objective of the entity is not to hold the financial asset till the maturity and the…

Q: On January 1, 2021, PRANCER Company was authorized to issue 12% bonds with a face amount of…

A: Bond is a source of debt financing for companies. It carries a fixed rate of interest which the…

Q: On January 1, 2021, Masbate Company issued 5-year bonds with face amount of P5,000,000 at 110. The…

A: Amortization is the total time taken to repay a mortgage fully. So it denotes the total period of…

Q: On January 1, 2018, Paradiso Company issued 1,000 of its 8%, $1,000 bonds at 93. Interest is payable…

A: Bonds: Bonds are a kind of interest-bearing notes payable, usually issued by companies,…

Q: On July 1, 2020, Kwek-kwek Company issued 600 of its 10%, P1,000 bonds at 99 plus accrued interest.…

A: The bonds are issued at premium or discount depending on the market rate of interest of bonds.

Q: On August 1, 2021, Space Company issued at 97 plus accrued interest, 2,500 of its 12%, P1,000 bonds.…

A: Formula: Cash received on the issue of bonds= Face value of bond x Issue rate of bonds.

Q: On January 1, 2021, HBB Company was authorized to issue 12% bonds with a face amount of ₱5,000,000.…

A: A journal entry is a sort of accounting entry used to record a business transaction in the…

Q: On January 1, 2021, Solis Co. issued its 10% bonds in the face amount of P3,000,000, which mature on…

A: Bonds are an obligation on an entity which is to be repaid on its maturity date. These are issued…

Q: On January 1, 2021, PRANCER Company was authorized to issue 12% bonds with a face amount of…

A: "Since you have asked multiple question we will solve the first three sub part question for you.  If…

Q: On July 1, 2020, Carol Company issued at 104, five thousand 10% bonds with face amount of P1,000 per…

A: In this question, we have been asked to calculate the carrying value of the bonds, for which we are…

Q: On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face…

A: Journal Entry: It is the act  of  recording  business transaction(either economic or non-economic)…

Q: On July 1, 2021, Spear Co. issued 1,000 of its 10%, P1,000 bonds at 99 plus accrued interest. The…

A: Amount received from the issuance of the bonds is calculated by adding the accrued interest on the…

Q: On January 1, 2021, Marena Company issued bonds with a face amount of P3,500,000 for P3,765,300. The…

A: The company can raise the required capital by issuing the shares, debentures, bonds, etc., These are…

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

A:

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…