Hayden Corporation issues 1,000 10-year, 8%, $2,000 bonds dated January 1 at 92. The entry to journalize the issuance will include aa. credit to Bonds Payable for $2,000,000b. credit to Discount on Bonds Payable for $160,000c. credit to Cash for $1,840,000Od. debit to Cash for $2,000,0002019 RENTALS SCR...B

Lets discuss basics. Journal entry is required to make to record event and transaction that are…

ayden Corporation issues 1,000 10-year, 8%, $2,000 bonds dated January 1 at 92. The entry to journalize the issuance will include a Da. credit to Bonds Payable for $2,000,000 Ob. credit to Discount on Bonds Payable for $160,000 c. credit to Cash for $1,840,000 d. debit to Cash for $2,000,000

ayden Corporation issues 1,000 10-year, 8%, $2,000 bonds dated January 1 at 92. The entry to journalize the issuance will include a Da. credit to Bonds Payable for $2,000,000 Ob. credit to Discount on Bonds Payable for $160,000 c. credit to Cash for $1,840,000 d. debit to Cash for $2,000,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 17MC: Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal...

See similar textbooks

Related questions

Q: questions: 1. Which company had the smallest revenue in 2015? 2. Approximate Wal-Mart's 2013…

A: 1. Dollar General has the smallest revenue in 2015. 2. Approximate revenue of Walmart 2013 revenue…

Q: 33. What is the increase in the contribution margin? a. P320,000 b. P200,000 c. P120,000 d. P80,000…

A: 1. Contribution Margin: (Step 2) In simple words, Contribution margin shows you the aggregate amount…

Q: The Loss on Disposal of Equity Investments is reported in the losses section of the statement of…

A: Income statement is the financial statement that records all the income and expenses of the…

Q: 39. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT…

A: As per US taxation Law, there are specified payments on which spefied rates withholding taxes need…

Q: Following is information on two alternative investment projects being considered by Tiger Company.…

A: INTRODUCTION Net Present value The Net Present value of the project is the total of the present…

Q: Melissa Allen need to take out if she needed $4,500 at 7% for 85/360 days for a simple discount…

A: Answer :Amount = $4500 Rate = 7% Days = 85/360 Maturity value = Amount / 1-(Rate*days)

Q: Lon Timur is an accounting major at a midwestern state university located approximately 60 miles…

A: Net income refers to the amount an individual or business makes after deducting costs , allowances…

Q: Which of the following describes the operating activities as shown in the statement of cash flows?

A: There are three activity in the cashflow statement which are as under : - Operating Activity -…

Q: Required: (for peso value round off to P1.00; two decimal places for percentage) Using the step…

Q: Gen Corp. Is expected to pay a dividend of $4.10 per year Indefinitely. The appropriate rate of…

A: A stock is said to be trading "ex-dividend" when it is doing so without the value of the subsequent…

Q: At the end of the current year, the bond accounts of Hobeen Services showed the following balances:…

A: On the retirement of bonds: There will be cash outflow. Liabilities would be decreased. any…

Q: Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The level of inventory of a manufactured product has increased by 7,780 units during a period. The…

A: Cost accounting is one of the special branch of accounting, under which various costs are being…

Q: Coastal Cycles makes three models of electric bicycles: E20, E35, and E60. The models differ by the…

A: The cost per unit is calculated as total cost divided by number of units produced. The work in…

Q: You have been offered two different jobs for the upcoming summer. Since both are full-time…

A: Net income=Total revenues-Total expenses

Q: On January 1, 2021, Wetick Optometrists leased diagnostic equipment from Southern Corp., which had…

A: 1. Date Particulars Debit Credit 1 Jan 2021 Right of use assets ($320,000 x 4.6) $1,472,000…

Q: The Verbrugge Publishing Company's 2019 balance sheet and income statement are as follows (in…

A: ANSWER:- d. Pre-tax earnings before recapitalization: $10.67 million Pre-tax earnings after…

Q: KPR Contracting Co. manufacturers and sells tools and equipment for general contractors. For their…

A: Manufacturing overhead includes all the costs of production other than labor and raw materials. It…

Q: The Verbrugge Publishing Company's 2019 balance sheet and income statement are as follows (in…

A: Introduction The assets and liabilities of a firm are clearly described on a balance sheet, which is…

Q: 8. Carousel Co. has prepared the following budget data: Sales, 150,000 units; selling price per…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Wheat Corporation pays $524,000 to acquire 44% (100,000 shares) of the common stock of Grain…

A: Journal entries are the primary reporting of the business transactions in the books of accounts. It…

Q: • Sales are budgeted at $367,000 for November, $337,000 for December, and $317,000 for January. .…

A: Net income is the amount which is earned by the entity during the period and is calculated by…

Q: Selected data for October for Rio Vista Company is shown as follows. The variable overhead sales…

A: Number of units that were budgeted for October in Master Budget =15,300 Workings:- Particulars…

Q: the year. to calculate the company's earnings per share for 2024. (Abbreviations used: Ave.=…

A: Answer : 1) Earning per share : Earning per share =(net income - preferred dividends) / Average…

Q: Which of the following characteristics is an advantage of the corporate form of business? a.…

A: Corporation is a business type where the identity of corporation is different from its owners. The…

Q: On January 3, Carothers Corporation acquired $200,000 in new equipment in exchange for cash of…

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

Q: On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of…

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

Q: Which of the following statements regarding debt securities is incorrect? All invento Quriti

A: The incorrect statement is: (A) All investments in debt securities are categorised as long-term…

Q: Mr Mohammed withdraws £50 business money from the Business bank account for office use. Which of the…

A: Every transactions affect either two or more accounts. Contra entries are the transactions which…

Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…

A: A deferred tax asset represents a financial benefit, while a deferred tax liability indicates a…

Q: Prepare the Balance Sheet for the Debt Service fund for the Village of Earl as of June 30, 2020…

Q: The level of inventory of a manufactured product has increased by 7,871 units during a period. The…

A: Absorption costing: Absorption costing is also called traditional costing. This method of costing…

Q: On March 21, 2025, the bond accounts of Nolen Services showed the following balances: Bonds Payable…

A: Lets understand the basics. When entity retires a bond early then there is possibility of gain or…

Q: Net salary of £1’800 is to be paid to employees for the month, through the company bank accounts.…

A: Salary paid is the payment due by an employer to his empolyee. And it is an expense for the…

Q: s to open a sports bar. If she qualifies for a $250,225 simple discount note at 9% for 280 days,…

A: Answer : Amount = $250,225 Rate = 9% Days=280

Q: Predetermined Overhead Rate, Application of Overhead Findley Company and Lemon Company both use…

A: Predetermined overhead is rare for overhead allocation. It is one rate for total overhead allocation…

Q: International Business Machines (IBM) is a leading provider of computer products and services. The…

A: Answer to Question 1:- Figures in millions of U.S dollars 2018 2017 Warranty…

Q: Pat Lavoie bought a home for $180,000 with a down payment of $10,000. Her rate of interest is 6% for…

A: The amount that must be paid toward the loan each month in order to completely repay it within the…

Q: Scotland Beauty Products manufactures face cream, body lotion, and liquid soap in a joint…

A: Joint cost means the cost incurred to produce more than one units and then joint cost need to be…

Q: You are choosing between two projects. The cash flows for the projects are given in the following…

A: Capital Budgeting: It implies to a process that is undertaken and used by a business in order to…

Q: b) Production and sales data of Industrial Detergents Ltd are given below: Production (liters)…

A: Variable costing Vs. Absorption costing: Absorption costing includes all of the direct costs…

Q: Problem 5-A (Projected Income Statement) MAXI Co. has the following information: ● Projected sales…

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Absorption costing: Absorption costing is also called traditional costing. This method of costing…

Q: As a result of a slowdown in operations, Tradewind Stores is offering employees who have been…

A: present value of future cash flows is a method of discounting cash that you expect you receive in…

Q: Umberg Company started the year with $119,200 cash and reported net cash provided by operating…

A: A cash flow statement is a type of financial statement that gives total information about all cash…

Q: Narayna Construction Corporation was contracted to build a new retail complex in a small town in…

A: Introduction: Under the percentage of completion method, an organization recognized revenue,…

Q: Pedro Company has $191,000 of machinery being depreciated over 5 years. There is no estimable…

A: Straight line depreciation is a common method of depreciation where the value of a fixed asset is…

Q: The General Fund for Nisland has the following budget for the current year:…

A: A journal is the company's official book in which all business transactions are recorded in…

Q: The Chungs are married with one dependent child. They report the following information for 2022:…

Q: Complete the flexible budget variance analysis by filling in the blanks in the partial flexible…

A: In case of revenue if actual results is more than budgeted then it results in favourable variance.…

Question

Hayden Corporation issues 1,000 10-year, 8%, $2,000 bonds dated January 1 at 92. The entry to journalize the issuance will include a
a. credit to Bonds Payable for $2,000,000
b. credit to Discount on Bonds Payable for $160,000
c. credit to Cash for $1,840,000
Od. debit to Cash for $2,000,000
2019 RENTALS SCR...
B

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal entry to record this transaction includes ________. A. a debit to Bonds Payable for $100,000 B. a debit to Discount on Bonds Payable for $4,000 C. a credit to cash for $96,000 D. a credit to Discount on Bonds Payable for $4,000
Keys Inc. issued 100 bonds with a face value of $1,000 and a rate of 8% at $1,025 each. The journal entry to record this transaction includes ________. A. a credit to Bonds Payable for $102,500 B. a credit to cash for $102,500 C. a debit to cash for $100,000 D. a credit to Premium on Bonds Payable for $2,500
Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018, and received $540,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium
Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discount
Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment?
Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable annually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of discount D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of discount
Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267
On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. What is the journal entry to record the issuance of the bonds?
Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $540,000. Interest is payable annually. The premium is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium
Waldron Inc. issued $400,000 bonds with a stated rate of 7% when the market rate was 5%. They are 3-year bonds with interest to be paid annually. Prepare a table to amortize the premium of the bonds. Assume that the bonds were issued for $421,844.