On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31. (a)

Q: Bramble Company issued $ 708,000 of  9%, 20-year bonds on January 1, 2020, at  101. Interest is…

A: Bonds are a form of loan or liability taken by the business, on which regular interest payments…

Q: Homwork question 5- chapter 9

A: Calculate the amount of interest expense:

Q: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

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

Q: On June 1, 2020, Bramble Corp. issued $8,320,000, 6% bonds for $8,154,640, which includes accrued…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Proceeds from issue of bonds = Face value of bonds x issue price /100 = $648000*104/100 = $673920

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

A: Solution: Date Particulars Debit Credit 01-Jan-21 Cash $440,000           To bonds payable…

Q: Temple Company has $500,000 of 9% bonds that pay interest on June 30 and December 31 and have an…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: On January 1, 2018, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds…

A: Requirement 1:   Compute the amount of liability.

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Bonds are issued at a face value of $864,000.

Q: Deleau Equipment Ltd. issued 11%, five-year bonds with a face value of $80,240,000 on October 1,…

A: Bonds payable is the liability for an entity. These are securities that are issued for the purpose…

Q: On October 1, 2021, Cullumber Company issued $520,000, 6%, 10-year bonds at face value. The bonds…

A: Bonds are issued by the company to increase the funds of the company. When a company issues bonds,…

Q: On January 1, 2019 Sandhill Corporation issued $550,000, 7%, 5-year bonds at face value. Interest is…

A: Introduction: Journal entries serve as the primary building blocks for answering these and other…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: issued $630,000, 9%, 5-year bonds at face value.

A: Journal entries refers to the act of making transactions in the form of either economic or…

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: Bonds are the secured securities which constitute into borrowed funds. They are purchased in…

Q: Ivanhoe Company issued $456,000 of 10%, 20-year bonds on January 1, 2020, at 101. Interest is…

A: When a bond is issued at a premium, that means that the bond is sold for an amount greater than the…

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: If the bonds are issued at discount or at premium, the discount or premium on the bonds payable is…

Q: On January 1, 2022, Carla Vista Company issued $ 500,000, 12%, 10-year bonds at face value. Interest…

A: Interest expense = Face value of bonds x rate of interest x no. of months/12 = $500,000 x 12% x…

Q: What amount of interest expense will be recorded in the December 31, 2021, annual income statement?

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

Q: On January 1, 2021, Bank Nizwa. issued RO 90,000, five-year, 12% bonds at (100% of face value).…

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

Q: January 1, 2020, Cullumber Enterprises issued 9%, 20-year bonds with a face amount of $5,350,000 at…

A: bonds are considered as a debt instrument that is issued by the company in order to raise the money…

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

A: A. Prepare all necessary journal entries for the calendar year 2021. Date Particulars Post Ref…

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

A:

Q: If the company issued RO 100,000 , 5% interest, 10-year bonds at 98 on January 1, 2021, which of the…

A: Answer Bond issued = RO98 Face value per BOND = RO100 Discount price per BOND = (RO100 - RO98) = RO2…

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

A: Since we answer only upto three sub-parts, we shall answer the first three. Please resubmit a new…

Q: Sheffield Company issued $648,000 of 10%, 20-year bonds on January 1, 2020, at 104. Interest is…

A: Introduction: On January 1, 2020, Sheffield Company issued $648,000 of 10 percent, 20-year bonds at…

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

A: Effective Interest rate refers to the compounded interest rate that the bond holder actually pays as…

Q: On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on…

A: Bonds are instruments acknowledging the debt due from one person to another person to be paid on…

Q: On January​ 1, 2018​,  Lane Unlimited issues 15​%, 10​-year bonds payable with a face value of…

A: 1) Premium on bonds payable = 1800 bonds * $5 = $9,000 It has to be amortised over the life of bonds…

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: On January 1, 2020, Swifty Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated…

A: Bonds are kinds of instrument issued by company acknowledging the debt due by company to outsider.…

Q: n July 31, 2021, Sheridan Inc. issued $430,000 of 5-year, 4% bonds at 104. Interest is payable…

A: To begin, preserving detailed records of your transactions helps to organize the data in your…

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

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

Q: On October 1, 2019, Ball Company issued 9% bonds dated October 1, 2019, with a face amount of…

A: Journal is the book of original entry in which all the transactions relating to the business are…

Q: Kingbird, Inc. issued $430,000 of 5-year, 7% bonds at 97 on January 1, 2020. The bonds pay interest…

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

Q: On January 1, 2020, Sheridan Company issued $351,500, 6%, 5-year bonds at face value. Interest is…

A: Interest expense = Par value of bonds x Interest rate = $351,500 x 6% = $21,090

Q: *Please complete parts E and F***** On May 1, 2022, Cucumber Corporation issued $860,000, 12%,…

A: The process of documenting commercial transactions for the first time in the books of accounts is…

Q: On October 1, 2021, Cullumber Company issued $520,000, 6%, 10-year bonds at face value. The bonds…

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

Q: On January 1, 2020, Ivanhoe Company issued $ 2,330,000, 9%, 10-year bonds at $ 2,486,345. This price…

A: Bonds are a form of loan or liability for the business, on which regular interest payments needs to…

Q: On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1, 2017, at…

A: GIVEN   On January 1, 2020, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1,…

Q: Nasreen Company issues $2,000,000, 10-year, 8% bonds at 97, with interest payable each January 1.…

A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: On January 1, 2020, Trapp Enterprises issued 9%, 10-year bonds with a face amount of $900,000 at 96.…

A: Please find below the entries -

Q: On the July 1, 2021, Trials Corporation issued $17,500,000 of five-year, 12% bonds to finance its…

A: Bonds are issued to generate funds. When the contract rate of interest is more than the market rate…

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

A: Journal entries refers to the process of systematic recording of the financial transactions of a…

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

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

Q: On January 1, 2020, Martinez Corporation issued $570,000 of 9% bonds, due in 8 years. The bonds were…

A: Premium on bonds payable = $603,210 - $570,000 Premium on bonds payable = $33,210

Q: On January 1, 2018, Educators Credit Union issued 7%, 20-year bonds payable with a face value of…

A: Journal entry is a record of financial transactions in the books of accounts of a business. It…

Q: January 1, 2021, Sunrise Corporation issued $4,000,000, 8%, 5-year bonds dated January 1, 2021, at…

A: Bonds are debt instruments raised to get fund with fixed rate of interest.  Here interest rate is 8℅…

Q: On January 1, 2018, loren inc. issued $2,000,000, 9%, 5-year bonds dated January 1, 2018, at…

A: Journal Entry - It is record of every business transaction in day to day life for a particular…