On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for $10,389. At the time of the issuance, market rates are 9%. Journalize the issuance of the bond. DATE   Debit Credit X/X                                             b. Journalize the first annual interest payment on December 31, 20X1. DATE   Debit Credit X/X                                           c. Journalize the amortization of the premium/discount on December 31, 20X1. (If necessary, round to the nearest dollar.) DATE   Debit Credit X/X

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A: Bond's discount or premium is caused due to difference between market rate and couporate.

Q: On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Premium on Bonds issue = Issue price of bonds - Face value of bonds = $10,389 - $10,000 = $389

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A: The question is based on the concept of Financial Accounting.

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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 1, 2022, Broncos Universal issued 12% bonds dated January 1, 2022, with a face amount of…

A: Bond Price :— It is sum of present value of periodic interest payment and face value amount.    If…

Q: On January I, Bramble Corp. issued 10 year, S6,000,000,9% bonds for $6,842,830. The market rate of…

A: Introduction: A loan that amortizes is one with monthly payments that go toward the principle.…

Q: on january 1, 20x1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Bonds are investment security which are issued by large organizations. Bonds may be issued at face…

Q: On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually for…

A:

Q: On January 1, a company issues bonds dated January 1 with a par value of $200,000. The bonds mature…

A: Bond's are issued by companies to raise money from the market instead of taking loan from the banks.…

Q: On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest…

A:

Q: Hartford Research issues bonds dated January 1 that pay interest semiannually on June 30 and…

A: Present value: It refers to the current value of the sum of money or the series of cash flows that…

Q: On January 1, Parson Freight Company issues 9.0 %, 10-year bonds with a par value of $3,900,000. The…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On January 1, when the market interest rate was 9 percent, Selton Corporation completed a $200,000,…

A: Solution 1: Journal Entries - Selton Corporation         Date Particulars Debit Credit…

Q: Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000…

A: Number of periods = 5*2 = 10 Coupon rate=  9%/2 = 4.5% As the beginning carrying value is more than…

Q: n January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually for…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On January 1, Renewable Energy issues bonds that have a $60,000 par value, mature in four years, and…

A: The Numerical has covered the concept of Bonds Payable.

Q: Wookie company issues 10% five year bonds on January 1 of this year with a par value of $200,000 and…

A: The issue of bond is a practice to raise loan for companies. The investor promises to pay the…

Q: Paulson Company issues 7%, four-year bonds, on January1 of this year, with a par value of $91,000…

A: Solution 1: Date Particulars Debit Credit 01-Jan Cash A/c Dr  $84,447     Discount on Bond…

Q: On the first day of the fiscal year, a company issues a $3,400,000, 9%, 5-year bond that pays…

A: Solution; Face value of bond = $3,400,000 Issue price of bond = $3,682,766 Premium on issue of bond…

Q: On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $150,000, 8…

A: Interest Expense : Carrying value x 9% Cash Paid : 150,000 x 8% Discount Amortized : Interest…

Q: What is the entry to record the first semiannual interest payment, and the amortization of the bond…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On September 1, Deutsch Limited issues 8%, 5-year bonds payable with a maturity value of OR 20,000.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: On January 1, Martinez Inc. issued P 4,000,000, 11% bonds for P 4,260,000. The market rate of…

A: Working:

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,799 on January 1,…

A:

Q: On January 1, Bramble Corp. issued 10 year, S6,000,000, 9% bonds for $6,842,830. The market rate of…

A: Introduction: An amortizing loan is one with monthly payments that go toward the principle. Payment…

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

A: Discount on Bonds Payable = Face valueof bonds - Amount received  = $15,000 - $13,056 = $1,944

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

A: The financial transactions are initially recorded in the for of journal entry.

Q: a. On January 1, 20X1, your firm issues a $15,000, 4-year, 5% bond with interest payable annually…

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

Q: Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000…

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

Q: Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest…

A: Bond: It can be defined as a financial instrument of indebtedness that reflects a loan made by the…

Q: On May 1, Holiday Company issued $200,000, 9%, 10-year bonds for $213,591 when the market rate was…

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

Q: On 10/1/X1, Openshaw, Inc issued $1,000,000 of bonds at a price of 98. Assuming the bonds have a…

A:

Q: On January 1, Swifty Corporation issued $5100000, 11% bonds for $5431500. The market rate of…

A: Date (A) Interest payment (B) 11% *face value Interest expenses (C) 10% *previous book value…

Q: Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $200,000…

A: Given information is: Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a…

Q: On the first day of the fiscal year, a company issues a $7,300,000, 8%, 10-year bond that pays…

A: Date Account titles and Explanation Debit Credit June 30 Interest expense ($292,000+$65,428)…

Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays…

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

Q: On January 1, when the market interest rate was 9 percent, Seton Corporation completed a$200,000, 8…

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

Q: Paulson Company issues 10%, four-year bonds, on January 1 of this year, with a par value of $98,000…

A: Semiannual Interest payment = Par value of bonds x rate of interest x no. of months/12 = $98000 x…

Q: a. On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually…

A: The process by which all the financial transactions are recorded by the firm in its journal is…

Q: Flagstaff Systems issues bonds dated January 1 that pay interest semiannually on June 30 and…

A: The bonds price is the  present value of bonds and if the market interest rate is exceeds or below…

Q: Snap Company issues 10%, five-year bonds, on January 1 of this year, with a par value of $100,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 1, 20x1, Company A issues bonds with face amount of P5,000,000 for P5,773,129. The bonds…

A: The journal entries are prepared to record day to day transactions of the business. The bonds are…

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A: When business entity is in need of cash, it issues Debenture to finance from outsiders and for using…

Q: Wookie Company issues 10%, five-year bonds, on January 1 of this year, with a par value of $200,000…

A: Bond: - Bond is a written agreement in which the issuer is obligated to pay a specified amount at…