Question: On January 1 the authorization date of the current year
On January 1 (the authorization date) of the current year, GoldenEye Company issues $500,000 of 9% bonds at 103. These bonds pay interest on June 30 and December 31. Prepare the journal entry to record the issuance of the bonds.
Relevant QuestionsUse the same information in RE14-1, except assume that GoldenEye Company issues its bonds on March 1 at par, plus accrued interest. Prepare the journal entries to record the issuance of the bonds (adjust interest expense for ...On January 1, Thunderball Corporation issues 10%, 5-year bonds with a face value of $275,000 when the effective interest rate is 9%. Interest is to be paid semiannually. Prepare calculations to prove that the selling price ...Moontake Corporation holds a $250,000 note receivable from Golden Company. Based on present value computations, it now appears that the Golden Company note is impaired and that Golden will only be able to pay back 87% of the ...On January 1, 2010, the Sanders Corporation purchased equipment having a fair value of $68,301.30 by issuing a non-interest-bearing, $100,000, four-year note due December 31, 2013.RequiredPrepare the journal entries to ...On December 31, 2010, Central Bank agrees to a restructuring of a 12% note with a $200,000 face value and $60,000 of accrued interest owed to the bank by Carter Company. The bank agrees to forgive the accrued interest, ...
Post your question