A company issues a $2,000,000, 12 , five year bond that pays semiannual interest of $120,000 ($2,000,000 12 ), receiving cash of $2,154,429 Journalize the bond issuance ...

A company issues a $2,000,000, 12%, five-year bond that pays semiannual interest of $120,000 ($2,000,000 12%

Question:

A company issues a $2,000,000, 12%, five-year bond that pays semiannual interest of $120,000 ($2,000,000 × 12% × ½), receiving cash of $2,154,429. Journalize the bond issuance.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books

Question Posted: Jul 17, 2012 01:15 AM

See More Questions

You own a 10- year bond that pays 6 percent interest annually. The par value of the bond is $ 1,000 and the market price of the bond is $ 900. What is the yield to maturity of the bond?
Journalize issuance of the bond and the first semiannual interest payment under each of the following three assumptions. The company amortizes bond premium and discount by the effective-interest...
Journalize issuance of the bond and the first semiannual interest payment under each of the following three assumptions. The company amortizes bond premium and discount by the effective-interest...
A company has the following results for the three years to 31 March 2021: Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the...
On August 3, 2013, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value...
1. The short-run aggregate supply curve will move_________ if the economy s actual output is below full-employment output. 2. If the adjustment process works slowly, then economic policy is less...
A Sampling Distribution for Gender in the Rock and Roll Hall of Fame Exercise 3.37 tells us that 47 of the 303 inductees to the Rock and Roll Hall of Fame have been female or have included female...
The income statement of Jones Company for the year ended December 31, 2010, follows. Required a. Compute the net earnings remaining after removing nonrecurring items. b. Determine the earnings (loss)...
J is going to receive a 30-year annuity of 8,500 and L is going to receive perpetuity of 8,500. If the appropriate interest rate is 6%, how much more is L's cash flow worth?
A ride hailing company has their DB structured in 3 major tables as described in the SCHEMA section below. Write a query to fetch the top 100 users who traveled the most distance using the service....
On the first day of the fiscal year, a company issues a $1,500,000, 8%, five-year bond that pays semiannual interest of $60,000 ($1,500,000 8% ), receiving cash of $1,330,403. Journalize the bond...
A company issues a $1,000,000, 10%, ten-year bond that pays semiannual interest of $50,000 ($1,000,000 10% ), receiving cash of $1,065,040. Journalize the bond issuance.
An insurance company stated that in 1987, the average yearly car insurance cost for a family in the U.S. was $1188. In the same year, a random sample of 37 families in California resulted in a mean...
What are the problems associated with conventional WBSs?
Suppose Clorox can lease a new computer data processing system for $972,000 per year for five years. Alternatively, it can purchase the system for $4.25 million. Assume Clorox has a borrowing cost of...
Prokter and Gramble (PKGR) has historically maintained a debt-equity ratio of approximately 0.16. Its current stock price is $48 per share, with 2.6 billion shares outstanding. The firm enjoys very...
Riverton Mining plans to purchase or lease $290,000 worth of excavation equipment. If purchased, the equipment will be depreciated on a straight-line basis over five years, after which it will be...
You are a consultant who has been hired to evaluate a new product line for Markum Enterprises. The upfront investment required to launch the product is $6 million. The product will generate free cash...
Video applications typically run over UDP rather than TCP because they cannot tolerate retransmission delays. However, this means video applications are not constrained by TCPs congestion control...
Use critical values to test the null hypothesis H0: 1 2 = 20 versus the alternative hypothesis H0: 1 2 20 by setting a equal to .10, .05, .01, and .001. How much evidence is there that the...
Extend Proposition 4.3 ( i ) 4.3 ( i ) , (iv) and (v) to finitely many sets A 1 , A 2 , , A N A A 1 , A 2 , , A N A . Data from proposition 4.3 Let (X, A,) be a measure space and A, B, An, BnA,...
The balance in the unearned fees account, before adjustment at the end of the year, is $37,500. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is...
At the end of the current year, $8,450 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the...
The balance in the unearned fees account, before adjustment at the end of the year, is $112,000. Of these fees, $71,600 have been earned. In addition, $47,400 of fees have been earned but have not...
a) Solve cos x = 2xy and cos xy = 2x to 5 decimal places with an initial guess of x0 = 0.5 and yo= 0.5 using proper method. (90 Point) ATTENTION: Please add a comment line to each line of code...
Write a program that will asks the user to input 15 students test score then store them in an array named "Score" your program should accomplish the followings: 1. Calculate and display the average....
4. What is clock synchronization? Synchronize the network given below when the server. advances 10 second using Berkeley algorithm. Server 2:35 2:00 2:20 1:55 Client 1 Client 2 Client 3

A company issues a $2,000,000, 12%, five-year bond that pays semiannual interest of $120,000 ($2,000,000 12%

Question:

Step by Step Answer:

Cash 2154429 P...View the full answer

Accounting

Students also viewed these Accounting questions