On the first day of the fiscal year, a company issues a $5,300,000, 8%, the five-year bond
Question:
On the first day of the fiscal year, a company issues a $5,300,000, 8%, the five-year bond that pays semiannual interest of $212,000 ($5,300,000 × 8% × ½), receiving cash of $5,520,390.
Journalize the bond issuance.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Interest expense...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
On the first day of its fiscal year, Robbins Company issued $2,800,000 of 8-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable...
-
Why did the framers of the Constitution not originally have a Bill of Rights in the document? Group of answer choices They believed it was unnecessary since most state constitutions already protected...
-
On the first day of the fiscal year, equipment with a list price of $160,000 was acquired in exchange for similar equipment and $136,000 cash. The old equipment had a cost of $99,000 and accumulated...
-
A buyer's guide is an example of OA) a Life Insurance Illustration Questionnaire O B) a Replacement Questionnaire OC) a required disclosure document OD) a Variable Life Insurance Illustration...
-
If two persons incomes are unequal in each of five years, then their incomes over the entire five-year period must be unequal. Do you agree or disagree with this statement?
-
Vernon Manufacturing paid $58,000 to purchase a computerized assembly machine on January 1, 2012. The machine had an estimated life of eight years and a $2,000 salvage value . Vernon's financial...
-
Consider the periodic signal \[f(t)=\left\{\begin{array}{lr}\cos (t)+D, & -1 \leq t \leq 0 \\\sin \left(t^{6} ight) / t^{3}, & 0 \leq t\leq 2\end{array} ight.\] where \(D=\sin \left(2^{6} ight) /...
-
On September 30, 2017, Gargiola Inc. issued $4 million of 10-year, 8% convertible bonds for $4.6 million. The bonds pay interest on March 31 and September 30 and mature on September 30, 2027. Each...
-
[6 points] (a) What would be the total time to it would take to send the following ASCII message over a 9600 bps communications channel: messageone (1) If asynchronous transmission was being used....
-
Montrose Manufacturing is considering two potential investments. Each project will cost $ 115,000 and have an expected life of five years. The CFO has estimated the probability distributions for each...
-
Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd Co. issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 12%, with interest...
-
On the first day of the fiscal year, a company issues an $8,600,000, 11%, five-year bond# that pays semiannual interest of $473,000 ($8,600,000 11% ), receiving cash of $8,932,035. Journalize the...
-
An electrically neutral molecule is collinear with (and located between) two charged particles, one carrying a charge of \(+3.56 \mu \mathrm{C}\) and the other carrying a charge of \(-1.05 \mu...
-
Consider an economy which produces and sells, among a host of other things, 100 million T-shirts a year. The average T-shirt begins life when a farmer plants seeds she put away last year, waters...
-
Between 2000 and 2021, real GDP per person grew, on average, 1.1% per year in the United States. Did this GDP growth benefit all Americans? What does this tell us about the limitations of GDP as a...
-
In 2018, the White House proposed a 33% cut in the United States Agency for International Development (USAID) budget for the upcoming fiscal year, which would have reduced USAID spending in 2019 to...
-
Explain the difference between expected inflation and unexpected inflation.
-
Consider the following situations. What is the effect on consumption for each scenario? Demonstrate each answer with a graph. a. The federal government raises taxes. b. Housing prices increase. c....
-
Let C3 have the Euclidean inner product. Else the Gram-Schmidt process to transform the basis (u1, u2, u3) into an orthonormal basis. u1 = (i, i, i), u2 = (- i, i, 0), u3 = (i, 2i, i)
-
Where are the olfactory sensory neurons, and why is that site poorly suited for their job?
-
The revenue and cash receipts journals for Polaris Productions Inc. follow. The accounts receivable control account has a January 1, 20Y4, balance of $4,720 consisting of an amount due from Clear...
-
Verity Company does business in two customer segments, Retail and Wholesale. The following annual revenue information was determined from the accounting systems invoice information: Prepare...
-
Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $2,235. 4. Received cash...
-
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?
-
. Assume that over the past 88 years, U.S. Treasury bills had an average return of 3.5% as compared to 6.1% on long-term government bonds. What was the average risk premium on the long-term...
-
The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 18,050 Balance per company records 10,040 Bank service charges 50 Deposit in transit...
Study smarter with the SolutionInn App