The Bailey Corporation issued 5-year, 11% bonds with a face value of $300,000 on April 1 for $288,000. Interest is paid semiannually at October 1 and April 1. Prepare the journal entries to record the issuance on April 1 and the first interest payment on October 1. Use the straight-line method to amortize the discount.
Answer to relevant QuestionsUse the same information in RE14-3, except assume that the bonds are sold for $318,000. Prepare the journal entries to record the issuance on April 1 and the first interest payment on October 1. Use the straight-line method ...On June 1, LeMond Company recalls bonds with a face value of $200,000 and a current book value of $190,000.LeMond pays $192,000 to retire the bonds. Prepare the journal entry to record the retirement of the bonds.On January 1, 2010, the Calvert Company issues 12%, $100,000 face value bonds for $103,545.91, a price to yield 10%. The bonds mature on January 1, 2012. Interest is paid semiannually on June 30 and December 31.Required1. ...On January 1, 2010, Crouser Company sold land to Chad Company, accepting a two-year, $150,000 non-interest-bearing note due January 1, 2012. The fair value of the land was $123,966.90 on the date of sale. The company ...On January 1, 2009 Mykoo Corporation issued $1 million in five-year, 10% serial bonds to be repaid in the amount of $200,000 on January 1, 2010, 2011, 2012, 2013, and 2014. Interest is payable at the end of each year. The ...
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