Binger Inc. issues $3 million, 5-year, 10% bonds at 102, with interest payable on July 1 and
Question:
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2012.
(b) Prepare the journal entry to record interest expense and bond premium amortization on July 1, 2012, assuming no previous accrual of interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a Cash 102 X 3000000 3060000 Bonds Pay...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
The dye dilution method is used to measure cardiac output with 8 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = t(12 t), 0 < t < 12, where is measured in seconds. Find the...
-
The dye dilution method is used to measure cardiac output with 6 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = 20te-0.6t, 0 t 10, , where is measured in seconds. Find the...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Bollobs and Chung proposed a hybrid model that combines a 2-ring on \(V\) vertices ( \(V\) is even), plus a random matching. A matching is a graph in which every vertex has degree 1. To generate a...
-
Is the home likely to be a good investment? Explain.
-
The Marketing Department of JustLee Books is about to begin an aggressive marketing campaign to generate sales to repeat customers. The strategy is to look at existing customers previous purchases,...
-
In Example 22.4, derive Eqs. (22.6) and (22.7). Then, graph the economic potential as a function of the reactor batch time for various values of the rate constant, \(k\), over the range \(0.4-0.6\)...
-
If elasticity is 2, price is $10, and marginal cost is $8, should you raise or lower price?
-
17. In the past, Marcie's father rode his bike 108 miles in 7.5 hours. Her mother rode the same distance in 8 hours. Marcie plans to ride her bike 108 miles at a steady rate of 18 mph for y hours....
-
Fisico Company produces exercise bikes. One of its plants produces two versions: a standard model and a deluxe model. The deluxe model has a wider and sturdier base and a variety of electronic...
-
Pagewynne Company issues $5 million, 10-year, 9% bonds at 96, with interest payable on July 1 and January 1. The straight-line method is used to amortize bond discount. (a) Prepare the journal entry...
-
Biskup Corporation issues $300,000 of bonds for $312,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) Show how the bonds would be reported on the balance sheet at the...
-
Five people have all made claims for the amounts shown in Table 5.2 A sample of two people is to be taken at random, with replacement, from the five. Derive the sampling distribution of the mean and...
-
Credit reporting allows potential creditors to view unpaid medical bills on a person's record obtained through Blank______. Multiple choice question. physicians medical practices credit agencies...
-
Each of the following are helpful tips for preventing inadvertent growth of debt except: Group of answer choices Take advantage of credit incentives when opening an account. Sequence puchases....
-
Under the SEC's rules, accountants are not considered to be independent if they: Multiple choice question. properly disclose all conflicts of interest maintain bank accounts with an audit client with...
-
Innovation is the key to business growth and competitive advantage. As such, we must create conditions in which innovation can strive in organizations. A starting point is to explore the different...
-
An auditor decides to physically examine a vehicle that is listed as part of a company's assets. This procedure is primarily to gain evidence about Group of answer choices completeness. rights and...
-
Zhang Ltd acquired the business of Azzam Ltd for a cash outlay of $5 000 000 on 1 July 2019. The summarised balance sheet of Azzam Ltd on that date was as follows. Most of the assets were recorded at...
-
In Exercises 1558, find each product. (9 - 5x) 2
-
How many moles of nitric acid do you need to prepare 200 mL of an aqueous solution that has a pH of 2.0?
-
Mesa Verde manufactures unpainted furniture for the do-it-yourself (DIY) market. It currently sells a table for $75. Production costs are $40 variable and $10 fixed. Mesa Verde is considering...
-
Gator Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $500,000, variable expenses of $370,000, and fixed expenses of $150,000. Therefore,...
-
Gator Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $500,000, variable expenses of $370,000, and fixed expenses of $150,000. Therefore,...
-
Establishment Industries borrows $1,040 million at an interest rate of 7.2%. It expects to maintain this debt level into the far future. Establishment will pay tax at an effective rate of 38%. What...
-
The Presentation Layer ER Diagram shown in conjunction with part a below is focused around students who participate in sports and also enroll in classes. Please base your answer to this question on...
-
The current price of one share of XYZ stock is 56.50. A long straddle (one long call and one long put) on the stock with a strike price of K and one year to expiration has a total cost of 12.00. The...
Study smarter with the SolutionInn App