Theca Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Interest is payable annually on January 1. It uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Q: Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is…

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

Q: Chowan Corporation issued $100,000 of 10% bonds dated January 1, 2019, for $96,832.72 on January 1,…

A: Journal entry: It is prepared to record the financial and non-financial transactions of the business…

Q: On March 1, 2020, Sandollar Inc. issued $90,000 of bonds at 105, paying 8% cash interest…

A: Journal: Recording of a business transactions in a chronological order.   As posted multiple sub…

Q: On January 1, 2018, Reese Incorporated issued bonds with a face value of $140,000, a stated rate 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: Bryan Company issued $500,000 of 10% face value bonds on January 1, 2019, for $486,000. The bonds…

A: Workings: Discount on issue of 10% Bonds=$500,000-$486,000=$14,000 the straight-line amortization…

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: 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 January 1, 2020, Fergus Corporation issued $800,000, 10%, 5-year bonds. The bond interest is…

A: SOLUTION INTEREST EXPENSE TO BE RECOGNIZED FOR 6 MONTHS = BONDS BOOK VALUE AT THE BEGINNING OF THE…

Q: On January 1, 2021, Surreal Manufacturing issued 590 bonds, each with a face value of $1,000, a…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: effective-interest basis. Prepare the journal entry to record the interest payment and the…

A: Given that: On January 1, 2020, Swifty Company sold 11% bonds having a maturity value of $700,000…

Q: Polk Incorporated issued $242,000 of 7% bonds on July 1, 2019, for $251,421.19. The bonds were dated…

A: Given, Face value = $242,000 Issue price = $251,421.19 Coupon rate = 7%/2 = 3.5% Market rate = 6%/2…

Q: Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2020, at 119.792 to yield 8%.…

A: a. Prepare journal entry for issuance of the bonds on January 1, 2020.

Q: On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year…

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

Q: Metlock, Inc. issued $282,000, 7%, 15-year bonds on December 31, 2021, for $253,800. Interest is…

A: Total discount on bonds = Face value of bonds - issue value of bonds = 282000-253800 = $28,200

Q: On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at…

A: Bond's issued at more than face value are said to be bonds issued at premium.

Q: Bryan Company issued $780,000 of 8% face value bonds on January 1, 2019, for $763,800. The bonds are…

A:

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 December 31, 2019, Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of…

A: Introduction Bonds issued with discount: Bonds are financial instrument which represents company’s…

Q: On January 1, 2019, Hackman Corporation issued $1,350,000 face value 8% bonds dated January 1, 2019,…

A: WORKING : PREMIUM ON BONDS PAYABLE = $1,366,900 - $1,350,000 = $16,900   JOURNAL ENTRY FOR ISSUANCE…

Q: Nabil Company issued $1,500,000 of bonds on January 1, 2020.   Instructions   Prepare the journal…

A: The word redemption seems to have various purposes in the financial and business world, depending on…

Q: On March 1, 2020, Mitchell Inc. issued 60, 6%, $1,000 bonds dated March 1, 2020 for $62,626. The…

A: Bond Payables: In the financial statement, bonds payable represents the amount owing to bondholders…

Q: On December 31, 2018, White Company issued $400,000 of five-year, 12% bonds payable for $430,887,…

A: Premium on bonds = Issue value - Face value = $430,887 - $400,000 = $30,887

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: The Splish Company issued $330,000 of 7% bonds on January 1, 2020. The bonds are due January 1,…

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

Q: On January 1, 2018, Parker Company issued bonds with a face value of $63,000, a stated rate of…

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

Q: Romero issues $3,400,000 of 10%, 10-year bonds dated January 1, 2019, that pay interest semiannually…

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

Q: Polk Incorporated issued $242,000 of 7% bonds on July 1, 2019, for $251,421.19. The bonds were dated…

A: Journal entries to record the issue of the bonds on July 1, 2019, and the interest payments on…

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: On January 1, 2021, Borg Company issued 4,000 of its 8% P2,000 face value bonds at 97 including…

A: The bonds are issued at discount when the coupon rate of bonds is lower than the stated rate of…

Q: On January 1, 2021, Surreal Manufacturing issued 690 bonds, each with a face value of $1,000, a…

A: Bonds are the liabilities to pay interest periodically and principal amount on maturity. They are…

Q: The Blossom Company issued $260,000 of 10% bonds on January 1, 2020. The bonds are due January 1,…

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

Q: On January 1, 2020, Cullumber Company issued $400,000, 10%, 10-year bonds at face value. Interest is…

A: Bonds- These are the debts of a company on which interest is payable after a fixed interval i.e.…

Q: The Blossom Company issued $260,000 of 10% bonds on January 1, 2020. The bonds are due January 1,…

A: Bonds Issue price = Face value of bonds x issue price = $260,000 x 98/100 = $254,800

Q: On January 1, 2020, Grouper Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: Prepare the journal entry to record the interest payment and the amortization for 2022

A: Given that: On January 1, 2020, Swifty Company sold 11% bonds having a maturity value of $700,000…

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

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

Q: On January 1, 2020, PS ind issued P600,000 of 7% bonds, due in 10 years. The bonds were issued for…

A: Introduction: Journal entries are the basis of double accounting rules, which have been used for…

Q: esto Corporation has authorized to issue$4,500,000 of its 9%, 5-year bonds On January 1, 2019, when…

A: 1) Journal Entry to record issue of Bonds. Date Particulars Debit Credit Jan 1 - 2019 Cash…

Q: Hasley Company issued $800,000, 11%, 10-year bonds on December 31, 2018, for $730,000. Interest is…

A: Journal entry to record the issuance of the bonds: Date Account Titles Debit ($) Credit ($)…

Q: Nates corporation issued $1,500,000 of 11% of bonds at 97 on Jan 2,2019. Interest is paid…

A: Bond is an investment security which provides a regular interest income at fixed rate to the bond…

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: On January 1, 2019, Langka Inc. issued 9% bonds in the face amount of P5,000,000 which mature on…

A: Solution: Face value of bond = P5,000,000 Issue price of bond = P4,695,000

Q: Gomez issues $240,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest semiannually on…

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

Q: On January 1, 2021, Surreal Manufacturing issued 570 bonds, each with a face value of $1,000, a…

A:

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​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with face…

A: Premium on bonds payable = 900,000 * 8% = $72,000 Premium on bonds payable on June​ 30, 2018…

Q: On October 1, 2019, Jenkins Corporation bought bonds with a face value of $200,000 for $199,175,…

A: Investment in bonds yields interest at a fixed rate of return and also it can be purchased at…

Q: Prepare the journal entries to record (a) the issuance of the bonds, (b) the payment of interest and…

A: Given information is:  Value of bonds issued = $800,000 Period = 20 years Issue price of bond =…