Sheridan Company issued $3500000 of 6%, 10-year bonds on one of its interest dates for $3023000 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. The journal entry to be recorded at the end of the second year for the payment of interest and the amortization of discount will include a credit to Discount on Bonds Payable for $31840. credit to Discount on Bonds Payable for $34387. credit to Cash for $244387. debit to Bond Interest Expense for $210000.

Q: Warner Company issued $5,000,000 of 6%, 10-year bonds on one of its interest dates for $4,318,500 to…

A: Total discount = $4,318,500 - $5,000,000 = $681,500 Amortization of discount on First interest…

Q: On June 30, Jamison Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000.…

A: Payment of interest on December 31 = Face value of bonds x rate of interest x no. of months /12…

Q: Assume that on January 1 of the current year, $100,000 of 5-year, 12% bonds, with interest payable…

A: Premium on Bonds = Issue price of bonds - Face value of bonds = $103,769 - $100,000 = $3,769…

Q: Swifty Company issued $576,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable…

A: A bond is a fixed pay instrument issued to represent to an advance made by a financial specialist to…

Q: Moss Co. issued $840,000 of five-year, 11% bonds, with interest payable semiannually, at a market…

A: A bond is a financial security that is sold by business firms to raise borrowing funds. It is issued…

Q: Walker Corporation issued 10%, 5-year bonds with a par value of $10,000,000 on January 1, 2005.…

A: Bonds are a form of liability for the business, for which regular interest payments needs to be made…

Q: On the first day of the fiscal year, Lisbon Co. issued $1,000,000 of 10-year, 7% bonds for…

A: Total amount of premium = Issue price - Face value = $1,050,000 - $1,000,000 = $50,000

Q: Moss Co. issued $450,000 of four-year, 11% bonds, with interest payable semiannually, at a market…

A: Present value of bonds payable = Present value of interest payments + Present value of principal  n…

Q: On January 1, $932,000, 5-year, 10% bonds, were issued for $904,040. Interest is paid semiannually…

A: Solution: Discount on issue of bond = $932,000 - $904,040 = $27,960 Nos of semiannual periods = 5*2…

Q: Franklin Corporation issues $91,000, 10%, five-year bonds on January 1 for $95,100. Interest is paid…

A: Bonds are a form of debt or loan issued by the company. Regular interest payments needs to be made…

Q: Moss Co. issued $101,000 of five-year, 12% bonds with interest payable semiannually, at a market…

A: A bond is a debt instrument that is issued by the organization to raise the funds from the investor…

Q: McNeil Corporation issued $750,000 of 6​%, 10​-year bonds payable on January​ 1, 2019. The market…

A: Introduction: Interest amount: Interest is charged on the Principal amount. Interest is calculated…

Q: Franklin Corporation issues $98,000, 10%, five-year bonds on January 1 for $102,400. Interest is…

A: Compute the unamortized premium as of July 1.   Unamortized premium as of July 1 = Issue price of…

Q: Oriole SpA issued €400,000, 7%, 20-year bonds on January 1, 2020, for €360,727. This price resulted…

A: The financial transactions are initially recorded in the form of a journal entries.

Q: On January 1, 2021, Toit Company issued a 10-year 9% bonds payable of P10,000,000 for a market rate…

A: Present value of bond:-

Q: At the beginning of January 2021, Luminiscence Company purchased ten-year bonds with a face amoun of…

A: The Purchase price of the bond = Present Value of Interest  + Present value of Bond at Maturity.…

Q: Cullumber Company issued $510000 of 8% 5-year bonds at 107, which pay interest annually Assuming…

A: Lets understand the basics. There are two method for amortizing bond premium/discount which are, (1)…

Q: On January 1, 2018, Bradley Recreational Products issued $100,000, 9%, four-year bonds. Interest is…

A: 1. Prepare the amortization schedule to determine the interest expenses at effective interest rate…

Q: Shopee Company was authorized to issue a 5-year, 10%, P5,000,000 bonds dated June 30, 2020.…

A:

Q: Franklin corporation issues $81,000, 8%, 5-year bonds on January 1, for $84,650. Interest is paid…

A: BOND IS A SECURITY UNDER WHICH THE DEBT PRINCIPAL AMOUNT IS REPAID ALONG WITH INTEREST OVER A…

Q: Emerald, Inc. had outstanding $5,540,000 of 11% bonds (interest payable July 31 and January 31) due…

A: Journal entries is a process of recording various transactions in a chronological order. It is…

Q: Brownlee Company issued $525,000, 8%, six-year bonds for 110, with interest paid annually.Assuming…

A: Carrying value: The face amount of bond, less unamortized discount, or plus unamortized premium, is…

Q: No-More-Caviar Corporation issued ten-year term bonds on January 1, 2020, with a face value of…

A: The question is based on the concept of Financial Accounting. Bonds come under the ambit of…

Q: Williams Company issued $600,000 of 10%, 5-year bonds. Interest is paid semiannually, and the…

A: Issue price of bonds = (face value of bonds x present value of $ 1 at market interest rate for the…

Q: Moss Co. issued $101,000 of five-year, 12% bonds, with interest payable semiannually, at a market…

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

Q: On March 2, 2020, VWX Co. received authorization to issue P6,000,000, 5-year bonds with interest of…

A: Amortization of Bond Premium refers to the amortization of excess premium paid over and above the…

Q: On January 2, Year 1, Kampai Sushi Bar sold $800,000 of bonds for $785,000. The bonds will mature in…

A: Since the bond is sold for lesser amount and the bond will mature in 10 years, each year the amount…

Q: On June 30, Jamison Company issued $2,500,000 of 10-year, 9% bonds, dated June 30, for $2,580,000.…

A: Given: Value of the bond = $ 2,500,000 Bond rate = 9 % Price of the bond = $ 2,580,000

Q: Waterway Industries issued $650000 of 7%, 10-year bonds on one of its interest dates for $561405 to…

A: Amortized Loan:   An amortized loan is type of loan that requires borrower to make periodic payments…

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: Moss Co. issued $101,000 of five-year, 11% bonds with interest payable semiannually, at a market…

A: Concept: The present value (PV) is defined as the current value of the future sum of money or the…

Q: Lewis Co. produces and sells aviation equipment. On the first day of its fiscal year, Lewis Co.…

A:

Q: On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid…

A: Bond is a financial instrument used by financial institutions to raise funds. It is a security for…

Q: Lassen Corporation issued ten-year term bonds on January 1, 2020, with a face value of $800,000. The…

A: Bond is an investment security with low risk and low return. A fixed rate of interest is attached…

Q: Moss Co. issued $101,000 of five-year, 12% bonds with interest payable semiannually, at a market…

A: Given information:   issue price of the bonds $101,000 interest rate 12% effective interest…

Q: Wayne Company issued bonds with a face value of $1,020,000, a 10% stated rate of interest, and a…

A: Working: Issue price of the bond=$1,020,000×1.06=$1,081,200 Face value = $1,020,000 Premium on bond…

Q: On September 1, 2011, Park Rapids Lumber Company issued $80 million in 20-year, 10 percentbonds…

A:

Q: b. First interest payment on October 1, Year 1, and the amortization of bond premium for 2 months,…

A: Bonds:   Bonds are the financial debt instruments issued by the corporations to raise capital for…

Q: Swifty Corporation issued $420000 of 8%, 5-year bonds at 105, with interest paid annually. Assuming…

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

Q: Peplum Show Company issued $600,000 of 10%, 20-year bonds on January 1, 2018 at 102. Interest is…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Silcon Company issued P800,000 of 6%, 10-year bonds on one of its interest dates for P690,960 to…

A: Introduction As per relevant standard if bond is included in the financial liability and such…

Q: At the beginning of 2020, Sheridan Company issued 8% bonds with a face value of $3400000. These…

A: Date (A) Interest payment (B) 4% * face value  Interest expenses(C)  5%*pervious book value in G…

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

A: Bonds are the financial instrument used by an entity to borrow funds from the financial market. It…

Q: On the first day of the fiscal year, a company issues an $609,000, 10%, five-year bond that pays…

A: Record the first interest payment and amortization on Discount on payable

Q: On January 1, 2020, Resty Company issued bonds with the face amount of P 10,000,000, 8% serial bonds…

A: Annual interest payment = Face value of bonds x stated rate of interest x no. of months/12 Annual…

Q: A company issues $50,000 of 5%, 10-year bonds dated January 1 and pay interest semiannually on June…

A: Discount = Issued amount - Sold Value Discount = $50,000 - $48,000 Discount = $2,000 Semiannual…

Q: Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued…

A: As posted multiple independent questions we are answering only first three sub parts kindly repost…

Q: On January 1, 2010, Halston Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at…

A: Interest=Face amount×Interest rate2=$5,000,000×8%2=$200,000

Q: n July 1 of the current year, West Company purchased for cash, 8, $10,000 bonds of North Corporation…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…