Sheridan Products Ltd. issued bonds and received proceeds of $53,124,565. The bonds mature in 13 years and carry a 8% interest rate paid semi-annually. The bonds were issued at a price of 95.035 to yield 8.643%. (a) Show the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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- 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 semi-annually. What is the journal entry to record the first payment to the bondholders?On Jan. 1, Year 1, Foxcroft Inc. issued 120 bonds with a face value of $1,020 for $126,300. The bonds had a stated rate of 5% and paid interest semi-annually. What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank. Jan. 1Medhurst Corporation issued $86,000 in bonds for $83,400. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment? If an amount box does not require an entry, leave it blank.
- Medhurst Corporation issued $86,100 in bonds for $83,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.On the first day of the fiscal year, a company issues an $565,000, 9%, 5-year bond that pays semiannual interest of $25,425 ($565,000 x 9% x 1/2), receiving cash of $531,100. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable CashPinetop Corporation issued $153,000 of 12-year bonds at par. The bonds have a stated rate of 5% and pay interest annually. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.
- On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $1,000 for $113,900. The bonds had a stated rate of 5% and paid interest semi-annually. What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank. Jan. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 × 8% × 1/2), receiving cash of $884,177. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 310…On the first day of the fiscal year, a company issues a $900,000, 9%, 5-year bond that pays semiannual interest of $40,500 ($900,000 x 9% × 1/2), receiving cash of $884,176. Journalize the entry for the issuance of the bonds.If an amount box does not require an entry, leave it blank
- On the first day of the fiscal year, a company issues a $950,000, 10%, five-year bond that pays semiannual interest of $47,500 ($950,000 × 10% × 1/2), receiving cash of $884,174. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312…On January 1, Year 1, Wayne Company issued bonds with a face value of $635,000, a 5% stated rate of interest, and a 10-year term. Interest is payable in cash on December 31 of each year. Wayne uses the straight-line method to amortize bond discounts and premiums. Assuming Wayne issued the bonds for 102.0, what is the amount of interest expense that will be reported on the income statement for the year ending December 31, Year 1? Multiple Choice $30,480 $31,750 $33,020 $12,700On the first day of the fiscal year, a company issues a $3,000,000, 10%, 8-year bond that pays semiannual interest of $150,000 ($3,000,000 × 10% × ½), receiving cash of $2,560,450. Using straight-line amortization, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank