Logan Inc issued a $1,600,000, 6% 10 year bond at 88 on January 1, 2018. 1. Journalize the issuance of the bond on January 1, 2018. 2. Journalize the payment of semiannual interest on the bond on June 30, 2018. Include the amortization as part of the interest payment. 3. Journalize the repayment of  the bond afer the final interest payment was made.

Q: On January 1, 2018, Harvey Inc. issued $1,000,000 of 10 years, 6% bonds when the market 10%. The…

A: solution 1: Computation of bond price Table values are based on: n= 20     i= 5.00%…

Q: On March 1, 2021, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of…

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Q: On January 1st, 2020, Clem Company issued $300,000 of 10-year, 6% bonds on January 1, 2018. The…

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Q: On December 31, 2018 Brown Company issued $600,000 of 15-year, 11% bonds payable for $558,706,…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1,…

A: Interest payment on June 30, 2021 = Face value of bonds x rate of interest x 6/12 = $70,000 x 7% x…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: The carrying value of a bond is the par value or face value of that bond plus any unamortized…

Q: f each year. Aumont Company allocates interest and unamortized discount or premium on the…

A: c.   journal entry to record the interest payment and the amortization for 2017 Date Account…

Q: Sheridan Company issued $279,000, 9%, 15-year bonds on December 31, 2021, for $267,840. Interest is…

A: In the given question we need to prepare the journal entries for following: (a)The issuance of the…

Q: Price Company issued a $700,000, 8%, 10-year bond payable at face value on January 1, 2018 Interest…

A: A bond refers to fixed income instrument that represents a loan made by an investor to a borrower…

Q: Volunteer Inc. issued bonds with a $600,000 face value, 8% interest rate, and a 4-year term on July…

A: Given Information: Bonds issued at face value       $600,000 Amount received…

Q: On October 1, 2021, Pronghorn Corp. issued $864,000, 8%, 10-year bonds at face value. The bonds were…

A: Interest accrued on dec 31, 2021 = face value x rate of interest x no. of months/12 = $864000 x 8% x…

Q: On January 1, 2019, the JSW Corporation issued 10% bonds with a face value of $100,000. The bonds…

A: Answer - Working Note : The computation of the interest expense is shown below:   The bond interest…

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, 2018, Parker Company issued bonds with a face value of $63,000, a stated rate of…

A: Amortization means decrease in the amount of debt over a period of time by paying some amount…

Q: Aggies Inc. issued bonds with a $550,000 face value, 10% interest rate, and a 4-year term on July 1,…

A: Bonds may sometime issue at premium and the amount of premium is amortized over the term of bonds.…

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1,…

A: Bonds issued at discount: When bonds are issued at price less than the face value then they are…

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1,…

A: Bonds: In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The…

Q: Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $59,000 for $59,000 on January 1,…

A: Bonds payable are one of the sources of finance and is shown as liability. If the interest rate is…

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: Solution:- Introduction:- Journal entry is the first step in the accounting process. It is used to…

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: On August 31, 2021, BEAST Company issued at 104 plus accrued interest, three thousand 10% bonds with…

A: A. Prepare all necessary journal entries for the calendar year 2021. Date Particulars Post Ref…

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: Hi since you have posted a question with multiple subparts we are solving the 1st 3 subparts for…

Q: On January 1, 2019, SB Company issued its 10% bonds in the face amount of P10,000,000 that mature on…

A: Solution: Interest expense on July 1 = P9,160,000*12%*6/12 = P549,600 Semiannual interest paid =…

Q: Novak  corp. Issued $417,000,11% 15 year bond on december 31,2021,for 404,490 interest is payable…

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

Q: On December 31, 2018, Interlink Communications issued 6% stated rate bonds with a face amount of…

A: Interest payment = Face value of bonds x rate of interest x time = $100 million x 6% = $6 million

Q: On August 31, 2021, BEAST Company issued at 104 plus accrued interest, three thousand 10% bonds with…

A: Since we answer only upto three sub-parts, we shall answer the first three. Please resubmit a new…

Q: On March 1, 2018, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2018,…

A: Requirement 1   Determine the amount of accrued interest that was included in the proceeds received…

Q: On January​ 1, 2018​,  Lane Unlimited issues 15​%, 10​-year bonds payable with a face value of…

A: 1) Premium on bonds payable = 1800 bonds * $5 = $9,000 It has to be amortised over the life of bonds…

Q: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $67,000 for $73,507 on January 1,…

A: Given that, rate of interest on bonds = 7% term of the bond = 15years Face value of bonds  $67000…

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: On January 1, 2016, Mary Co. issued its 10% bonds in the face amount of P 1,500,000 which mature on…

A: A bond is a fixed-income investment vehicle that represents an investor's obligation to a borrower…

Q: On January 1, 2017, ABC company issued a $500,000, 8%, 10-year bond at the yield of 6%. Interest is…

A: Bonds are debt instruments issued by the company to investors. It is as good as a loan to the…

Q: On August 1, 2022, Martinez Corp. issued $489,600, 6%, 10-year bonds at face value. Interest is…

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

Q: On August 1, 2021, Space Company issued at 97 plus accrued interest, 2,500 of its 12%, P1,000 bonds.…

A: Formula: Cash received on the issue of bonds= Face value of bond x Issue rate of bonds.

Q: On March 1, 2021, Patriot Company issued at 97, including accrued interest, 2,550 of its 10%, ₱1,000…

A: Formula: Cash received on issue of bonds = Face value of bond x Issue rate of bonds

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: On January 1, 2018, Lane Unlimited issues a 9%, 10- year bonds payable with a face value of…

A: Total premium on bonds = Issue value - Face value = $240,000 x 105/100 - $240,000 = $12,000

Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds…

A: What is meant by Journal entries? It is the first step to record the financial transactions in the…

Q: Volunteer Inc. issued bonds with a $550,000 face value, 12% interest rate, and a 4-year term on July…

A: Interest expense= Bond face value* Interest rate = $ 550000*12% = $ 66000 Premium= $ 600000-$550000=…

Q: Using effective interest method, what amount of the bond discount should be amortized for the six…

A: Bonds:   Bonds are the financial debt instruments issued by the corporations to raise capital for…

Q: The Gorman Group issued $900,000 of 13% bonds on June 30, 2021, for $967,707. The bonds were dated…

A: 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: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1,…

A: Premium on bonds payable=Issue price-Par value=$76,860-$70,000=$6,860

Q: On January 2, 2021, YELLOW Co. issued 9% bonds in the amount of ₱1,000,000 which mature on January…

A: Analysis: In case of Bonds Calculation, Carrying amount of bonds payable as on date will be computed…

Q: Aggies Inc. issued bonds with a $450,000 face value, 8% interest rate, and a 4-year term on July 1,…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: On October 31, 2021, Flowing Wind Company issued a $3,500,000, 10-year bond at 7% when the market…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

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: 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 =…