Paulson Company issues 7%, four-year bonds, on January 1 of this year, with a par value of $109,000 and semiannual interest payments. Semiannual Period-End (0) January 1, issuance (1) June 30, first payment Carrying Value $ 102,087 102,951 (2) December 31, second payment 103,815 Use the above straight-line bond amortization table and prepare journal entries for the following. (a) The issuance of bonds on January 1. (b) The first interest payment on June 30. (c) The second interest payment on December 31. Unamortized Discount $ 6,913 6,049 5,185
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- 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2. (Refer to image, thank you!)The Gonzalez Group issued $900,000 of 11% bonds on June 30, 2024, for $977,220. • The bonds were dated on June 30 and mature on June 30, 2044 (20 years). • The market yield for bonds of similar risk and maturity is 10%. • Interest is paid semiannually on December 31 and June 30. Required: 1. to 3. Prepare the journal entries to record their issuance by The Gonzalez Group on June 30, 2024, Interest on Dec and interest on June 30, 2025 (at the effective rate). Note: 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 3 < 1 2 Record the issuance of the bond on June 30, 2024. Note: Enter debits before credits. Date June 30, 2024 Cash General Journali Bonds payable Premium on bonds payable Debit 977,220 Credit 900,000 77,220 Prev D 3 of 11 www www NextJournalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The initial acquisition of the bonds on May 1. May 1 b. The semiannual interest received on November 1. Nov. 1 c. The sale of the bonds on November 1. Nov. 1 d. The accrual of $1,360 interest on December 31. Dec. 31
- Requirements- Journalize the following transactions for Zillow. Include an explanation for each entry. A. Issuance of the bonds payable at par on July 1, 2018 B. Accrual of interest expense on December 31,2018 C. Payments of cash interest on January 1, 2019 D. Payments of the bonds payable at maturity (give the date) Record debuts first then credits. Select explanation on last line of journal entry table. See picture below.HİLİ Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 100 Life of bonds: 10 years Stated rate: 6% a year payable semiannually on October 31 and April 30 Required: Prepare the following general journal entries. a. The issuance of the bonds on May 1, 20-A. b. The first interest payment for 20-A. C. The adjusting entry for December 31, 20-A. d. The reversing entry for January 1, 20-B.-epare the journal entries by Barnwell to record all events related to the bonds through January 31, 2026. te: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round termediate calculations. Enter your answers in whole dollars. View transaction list Journal entry worksheet
- On January 1, Boston Enterprises issues bonds that have a $1,650,000 par value, mature in 20 years, and pay 10% interest semiannually on June 30 and December 31. The bonds are sold at par. 1. How much interest will the issuer pay (in cash) to the bondholders every six months? 2. Prepare journal entries to record (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the second interest payment on December 31. 3. Prepare the journal entry for issuance assuming the bonds are issued at (a) 95 and (b) 105. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record (a) the issuance of bonds on January 1, (b) the first interest payment on June 30, and (c) the second interest payment on December 31.Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 2. Prepare the journal entry for the issuance of the bonds for cash on January 1. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $250,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 ...Bond premium, entries for bonds payable transactions Rodgers Gridiron Co. produces and sells football equipment. On July 1, 20Y1, Rodgers issued $75,900,000 of 10- year, 13% bonds at a market (effective) interest rate of 12%, receiving cash of $80,252,470. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. 20Y1 July 1 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 20Y1 Dec. 31 b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 20Y2 June 30 3.…
- Suppose the face amount of the notevwas adjusted to include nonbearing interest note andc12% is yhr bank's statedvdiscountvrate prepare the journal entry to record the issuance of the nonbearing note by schilling on November 1, 2012Entries for Bonds Payable, induding bond redemption The following transactions were completed by Montague Inc., whose fiscal year is the calendar year:Concord Hills Ltd. issued five-year bonds with a face value of $180,000 on January 1. The bonds have a coupon interest rate of 5% and interest is paid semi-annually on June 30 and December 31. The market interest rate was 3% when the bonds were issued at a price of 109. Determine the balance in the Bonds Payable account immediately following the first interest payment. Balance in bonds payable account