Present entries to record the selected transactions described below:
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- Present entries to record the selected transactions described below: Required: a. Issued $2,750,000 of 10-year, 8% bonds at 97.* b. Amortized bond discount for a full year, using the straight-line method.* c. Called bonds at 98. Assume the bonds were carried at $2,692,250 at the time of the redemption.* *Refer to the Chart of Accounts for exact wording of account titles. General Journal a. Issued $2,750,000 of 10-year, 8% bonds at 97 on January 1. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 b. Amortized bond discount for a full year, using the straight-line method, on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL…In each separate situation, show how bonds payable is reported in the long-term liabilities section of the December 31 balance sheet. (Amounts to be deducted should be entered with a minus sign.) 1. Bonds payable with a par value of $10,000 and a premium on bonds payable of $240. 2. Bonds payable with a par value of $30,000 and a discount on bonds payable of $500. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Bonds payable with a par value of $10,000 and a premium on bonds payable of $240. Long-term liabilities Liabilities Section of Balance Sheet December 311. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 2a. Journalize the entry to record the first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight-line method.Compute the price of $42,601,480 received for the bonds by using the present value tables
- Present entries to record the selected transactions described below: a. Issued $2,750,000 of 10-year, 8% bonds at 97. If an amount box does not require an entry, leave it blank. b. Amortized bond discount for a full year, using the straight-line method. If an amount box does not require an entry, leave it blank. c. Called bonds at 98. Assume the bonds were carried at $2,692,250 at the time of the redemption. If an amount box does not require an entry, leave it blank.In each separate situation, show how bonds payable is reported in the long-term liabilities section of the December 31 balance sheet. (Amounts to be deducted should be entered with a minus sign.) 1. Bonds payable with a par value of $10,000 and a premium on bonds payable of $240. 2. Bonds payable with a par value of $30,000 and a discount on bonds payable of $500. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Bonds payable with a par value of $30,000 and a discount on bonds payable of $500. Long-term liabilities Bonds payable Liabilities Section of Balance Sheet December 31 $ 29,500 $ 29,500An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.
- Requirement. Journalize the transactions of Lamire Communications Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) January 1, 2018: Issued $8,000,000 of 9%, 10-year bonds payable at 97. Interest payment dates are July 1 and January 1. Journal Entry Date 2018 Jan 1 Date January 1, 2028: Paid the bonds at maturity (ignore the interest payment at maturity). Journal Entry 2028 Jan 1 Accounts 1. Accounts Requirements Debit Debit Credit Credit Journalize the transactions of Lamire Communications, Inc. Ⓒ - XOn January 1, Year 1, Price Company issued $291,000 of five-year, 5 percent bonds at 98. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the entry for issuance of bonds. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journalShow Me How Redemption of Bonds Payable An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
- Assume the bonds in were issued for $644,636 and the effective-interest rate is 6%, prepare the company's journal entriesIssuance of Long-Term Debt Anne Corp. issued $366,000, 5% bonds. Required: Provide the necessary journal entry to record the issuance of these bonds assuming: Hide a. The bonds were issued at par. Record issuance of bond at par Hide b. The bonds were issued at 102. If an amount box does not require an entry, leave it blank. Record issuance of bond at premium Hide c. The bonds were issued at 92. If an amount box does not require an entry, leave it blank.…On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable annually, were sold for $192,462. What account would be listed in the description column (1) as the debit for the $192,462 in the journal entry to record this transaction? JOURNAL Page 25 DATE DESCRIPTION P.REF. DEBIT CREDIT (1) 192,462 (2) 7,538 (3) 200,000 Bonds Payable Cash Discount on Bonds Payable Premium on Bonds Payable