Prepare all journal entries and the adjusting journal entries necessary to record all of Red Robin’s transactions related to the below information: Red Robin holds municipal bonds with a face value of $104,000. It plans to hold these until they mature. The bonds stated and effective rate is 6%. The bonds pay interest on December 31 of every year. The fair value of the bond on December 31 of the current year is $108,050.

Blossom Ltd. issued a $1,030,000, 10-year bond dated January 1, 2023. The bond was sold at 97. Interest was payable at the rate of 11% on the bond on January 1 and July 1 each year. The company's year-end was December 31, and Blossom followed ASPE, and chose to use the straight-line amortization method. Prepare the journal entries for the given dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date January 1, 2023 July 1, 2023 December 31, 2023 January 1, 2024 Account Titles and Explanation Debit Credit

Madison Corporation is authorized to issue $820,000 of 5-year bonds dated June 30, Year 1, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, Year 1. Required: Determine the proceeds that the company will receive if it sells the following: (Click here to access the tables to use with this exercise and round your answers to two decimal places, if necessary.) 1.  The bonds to yield 12% $fill in the blank 1 2.  The bonds to yield 10% $fill in the blank 2

Metro Inc. issued $200,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on October 31 and April 30. Metro's fiscal year is the calendar year. Metro uses the effective interest method of amortization.Required:1. Prepare the journal entry to record the bond issuance on May 1, 2021.2. Prepare the necessary journal entry on October 31, 2021 (1st payment). 3. Prepare the adjusting entry for the accrued interest (for 2 months) on December 31, 2021

Tamarisk Ltd. issued a $1,076,000, 10-year bond dated January 1, 2023. The bond was sold at 98.8% interest was payable on the bond on January 1 and July 1 each year. The company's year-end was December 31, and Tamarisk followed ASPE, and chose to use the straight-line amortization method. Prepare the journal entries for the given dates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date || | | Account Titles and Explanation Debit Credit ||

Make any necessary journal entries and adjusting journal entries related to bonds payable for 2022. See information below: On March 1 of the current year (2022), Red Robin issued 725, 7.9% bonds with a face value of $1,000 each. The bonds are 10-year bonds and pay interest on August 31 and February 28th of each year. Each bond is convertible into 5 shares of common stock. The bonds sold for a total of $758,200. In addition, Red Robin incurred $21,933 of bond issue costs. There is not a beneficial conversion option with these bonds. An amortization table is included in the attachment: Face Years Bond Amortization Compounding Periods/Year Annual Stated Rate Purchase price Stated interest Periods Effective interest 8/31/2022 2/28/2023 8/31/2023 2/28/2024 8/31/2024 2/28/2025 8/31/2025 2/28/2026 8/31/2026 2/28/2027 8/31/2027 2/28/2028 8/31/2028 2/28/2029 Period Cash Payment Interest Expense 8/31/2029 2/28/2030 8/31/2030 2/28/2031 8/31/2031 2/28/2032 28,638 28,638 28,638 28,638 28,638 28,638…

Prepare all journal entries and adjusting journal entries necessary to record the information below for 2022: Red Robin holds corporate bonds with a face value of $218,500. It purchased these bonds on January 1 of the prior year (2021). The stated rate of the bonds is 4.85 %, but they were purchased at an effective rate of 7%. The bonds are 5-year bonds and pay interest on December 31 every year. Red Robin correctly classifies this investment as available for sale. This is the only AFS debt investment that Red Robin has ever had. The fair value of the bond on December 31 of the current year is $224,900.

On May 1, 2024, Green Corporation issued $1,200,000 of 8% bonds, dated January 1, 2024, for $1,104,000 plus accrued interest. The market rate of interest was 9%.The bonds pay interest semiannually on june 30 and december 31,.Green's fiscal year ends on December 31 each year.   Determine the amount of accrued interest that was included in the proceeds received from the bond sale. Prepare the journal entry for the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.).                                    Need answer in detail with explanation computation formulas with steps

On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $850,000, 8%, 10-year bond that pays semiannual interest of $34,000 ($850,000 × 8% × ½ year), receiving cash of $850,000.(a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry(b)  Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry(c)  Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry

Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:     Date of bonds: January 1, 2018 Maturity amount and date: $150,000 due in 10 years (December 31, 2027) Interest: 10 percent per year payable each December 31 Date issued: January 1, 2018     Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2018, financial statements immediately after the bonds are issued. TIP: See Exhibit 10.5 for an illustration distinguishing Bonds Payable from their carrying value. (Deductions should be indicated by a minus sign.)