Pharoah Inc. issues $4,500,000, 5-year, 14% bonds at 104, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. what is the account title or explanation? what is debit or credited ?
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Pharoah Inc. issues $4,500,000, 5-year, 14% bonds at 104, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.
what is the account title or explanation?
what is debit or credited ?
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- On January 1, 2018, Wawatosa Inc. issued 5-year bonds with a face value of $200,000 and a stated interest rate of 12% payable semi-annually on July 1 and January 1. The bonds were sold to yield 10%. Assuming the bonds were sold at 107.732, what is the selling price of the bonds? Were they issued at a discount or a premium?Pharoah Inc. issues $4,500,000, 5-year, 14% bonds at 104, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020. what is the account title or explanation? What is debit or credited?Golden Inc. issues $4,000,000, 5-year, 10% bonds at 102, with interest payable annually on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2020. what is the account title or explanation ? what is debit or credit ?
- (b) Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Date Dec. 31. 2022 Debit CreditThe balance in the Bonds Payable account is a credit of $67,000. The balance in the Discount on Bonds Payable account is a debit of $3350. What is the bond's carrying amount?9. Rodriquez Corporation issued a $300,000, 9%, 8-year bond payable on January 1, 2024. Journalize the payment of the bond payable at maturity. (Give the date.) (Assume that the final payment. of interest has already been made and recorded. Record debits first, then credits. Select explanations on the last line of the journal entry) Date 2024 Jan Accounts and Explanation Debit Credit
- What account would be debited (1), what account would be credit (2), and what amount would be paid to record the journal entry for each interest payment based on a $200,000 five-year, 10% bond and the bond was issued at $192,462 (11%) and interest is paid semiannually? JOURNAL Page 25 DATE DESCRIPTION P.REF. DEBIT CREDIT (1) ? (2) ? (1) Interest Expense debit $11,000, and (2) Cash credit $11,000 (1) Interest Expense debit $10,000 and (2) Cash credit $10,000 (1) Cash debit $20,000 and (2) Interest Expense credit $20,000 (1) Cash debit $22,000, and (2) Interest Expense credit $22,000Oriole Company issued $750,000 , 7 %, 10-year bonds on December 31, 2021, for $680,000. Interest is payable annually on December 31. Oriole Company uses the straight-line method to amortize bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Date Account Titles and Explanation Dec. 31, 2021 eTextbook and Media List of Accounts Save for Later Debit Date Account Titles and Explanation Dec. 31, 2022 Attempts: 0 of 5 used Credit Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Submit Answer CreditTHIS QUESTION WILL ALSO BE CHECKED MANUALLY. QUESTION 7 On the first day of the fiscal year, a company issues a $960,000, 86, 5-year bond that pays semiannual interest of $38,400, receiving cash of $884,177 Journalize the entry for the issuance of the bonds using the chart of accounts below. Bonds Payable Cash Gain on Redemption of Bonds Interest Expense Interest Payable Interest Revenue Loss on Redemption of Bonds Premiun on Bonds Payable Discount on Bonds Payable Enter your answers into the table below. Key the account names carefully (exactly as shown above) and follow formatting instructions below. DO NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. WHEN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY LEAVE IT BLANK. Account Debit Credit THIS QUESTION WILL ALSo BE CHECKED MANUALLY (to make adjustments for typos).
- tELLiy, you must enter your ID number on the first sheet! On January 1, 2020 Omsk Corporation issued Bonds pay interest each July 1 and January 1. 150,000 of 5 % bonds, due in 17 years 12 % market rate of interest. Assume Requirements (Round to 0 decimals, Rounding errors do not matter): 1. Compute market price of bonds. Provide detailed computation. Use functions in Excel 2. What is an amount of discount /premium? Indicate, what it is (discount or premium). Computation. 3. Prepare amortization schedule for first 5 years. Use formulas in Excel. 4. Prepare journal entry to record bond issue. 5. Prepare journal entry on July 1, 2020. 6. Prepare journal entry on December 31, 2020. 7. Prepare journal entry on January 1, 20219. Herrera Corporation issued a $400,000, 8%, 7-year bond payable on January 1, 2025. Journalize the payment of the bond payable at maturity. (Give the date.) (Assume that the final payment of interest has already been made and recorded. Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanation Debit Credit ...Temptation Vacations issues $60 million in bonds on January 1, 2021, that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:Required:1. Were the bonds issued at face amount, a discount, or a premium?2. What is the original issue price of the bonds?3. What is the face amount of the bonds?4. What is the stated annual interest rate?5. What is the market annual interest rate?6. What is the total cash paid for interest assuming the bonds mature in 20 years?