Question: Bangles 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

Bangles 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. LTsc the straight-line method to amortize the discount.

Step by Step Solution

★★★★★

3.40 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Apr 1 Cash 288000 Discount on Bonds Pa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

524-B-A-R-B (277).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Bangles Corporation issued 5-year, 11% bonds with a face value of $300,000 on April 1, 2019, for $288,000. Interest is paid semiannually at October 1 and April 1. Prepare the journal entries to...

Use the information in RE14-8, except assume that the bonds are sold for $318,000. Prepare the journal entries to record the issuance on April 1, 2019, and the first interest payment on October 1,...

During 2015 Luling Township engaged in the following transactions related to modernizing the bridge over e Luling River. The township accounts for long-term construction projects in a capital...

Real-Time Corporation Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity and to enhance earnings. Their fiscal year ends on December 31. On...

Only questions 6-8 please! 1-5 are provided. Name: Blayden Phillips Section: 3 Bond Bonus Problem Due: Tuesday, April 26 (start of class) Instructions: Problem is to be worked independently. All...

Bond Interest Payments and Amortization Instructions Chart of Accounts Instructions Bangles Corporation issued 5 - year, 1 1 % bonds with a face value of $ 3 0 0 , 0 0 0 on April 1 , 2 0 1 9 , for $...

Instructions Bangles Corporation issued 5 - year, 1 1 % bonds with a face value of $ 3 0 0 , 0 0 0 on April 1 , 2 0 1 9 , for $ 2 8 8 , 0 0 0 . Interest is paid semiannually at October 1 and April 1...

answer the questions for Req3 and Req4 Answer the questions that are correct for the table Mills Corporation acquired as an investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company...

Fessenden Corporation has accumulated a significant amount of debt as a result of debt-financed acquisitions of other companies. It s currently considering acquiring one of its competitors, Sonar...

E14A-30 please show your work E14A-30 (similar to) Question Help Interest rates determine the present value of future amounts (Round to the nearest dollar.) (Click the icon to view Present Value of...

Compute the value (ALV) for the following lease: 7 year term, rent = $30/sf, concessions: 3 years free rent. Gross lease: landlord pays operating expenses. Operating Expenses: $10/sf per year....

Truth Tables Description STRT H2D H1D FP2 FP1 FCMP SFR CLAMP IFP2 FDDN (X in cell means the sensor may be either on/off during this time) 0 0 0 Wait till STRT is pressed, with fixture in postion 1...

Review the framework for analyzing capacity alternatives. How is it the same as the framework given for analyzing technological choices? How is it different from that framework?

Using the results in the previous table, discuss Granger causality among all the variables in the model.

Habicht Company was formed in 2012 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the...

On January 1, 2010, Grover Company changed its inventory cost flow method to the LIFO cost method from the FIFO cost method for its raw materials inventory. It made the change for both financial...

Obtain The Coca-Cola Company's 2010 annual report either using the ''Investor Relations'' portion of its website (do a web search for Coca-Cola investor relations) or go to www.sec.gov and click...

Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table: a. If the firm's dividend policy were based on a constant payout ratio of 40%...

Kiko Peleh. Kiko Peleh writes a put option on Japanese yen with a strike price of $0.008000=1.00(=125.00=$1.00) at a premium of 0.0080 per yen and with an expiration date six months from now. The...

Question 3 (1 point) The Poseidon Swim Company produces swim trunks. The average selling price for one of their swim trunks is $63.57. The variable cost per unit is $18.89, Poseidon Swim has average...