Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable annually January 1. The
Question:
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2019.
(b) Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2019.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a Jan 1 Cash 102 X 4000000 4080000 Bonds P...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Question Posted:
Students also viewed these Cost Accounting questions
-
Golden plc issues 4 million, 5-year, 10% bonds at 102, with interest payable annually January 1. The straight-line method is used to amortize bond premium. (a) Prepare the journal entry to record the...
-
Coates Inc. issues $3 million, 5-year, 10% bonds at 102, with interest payable on July 1 and January 1.The straight-line method is used to amortize bond premium. (a) Prepare the journal entry to...
-
Reiden Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Prepare the journal entry to record the sale...
-
Repeat the instructions of Exercise 1 for Graph the function Then discuss, in detail, limits, one-sided limits, continuity, and one-sided continuity of at x = -1, 0, and 1. Are any of the...
-
Review the data in Exercise 5-21. Requirement 1. Prepare Budgets multi-step income statement.
-
In Exercises use the function defined and graphed below to answer the questions. Is it possible to extend to be continuous at x = 0? If so, what value should the extended function have there? If...
-
What is the difference between the accounting treatment of operating and finance leases?
-
Geiberger Corporation manufactures replicators. On January 1, 2011, it leased to Altheas Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life...
-
A ( n ) _ _ _ _ _ _ _ _ _ _ contains a specific piece of information within a record. Field Entity Row Database
-
Snowden Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the...
-
Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount. (a) Prepare the journal entry to...
-
Presented below is the partial bond discount amortization schedule for Gomez Corp. Gomez uses the effective-interest method of amortization. (a) Prepare the journal entry to record the payment of...
-
Sitwell Services cleans offices. It runs several cleaning crews that are given standard times for cleaning certain spaces. Given the experience of the crew, these standards can allow for more or less...
-
Storage of memory 2 . 1 Describe the differences between working?
-
List four examples of two companies that have merged together.Also, describe the type of merger that completed the deal (for all four).
-
2. What kinds of unlawful activity did the guilty parties participate in? Explain
-
Denko Corporation has a 2% net profit margin, a return on equity of 15%, and a return on assets of 10%. What is the company's debt ratio?
-
The net present value of a proposed project is $20,000 at a discount rate of 5% and ($28,000) at 10%. What is the internal rate of return of the project, to the nearest one decimal place?
-
Why would a manager prefer the perpetual inventory system over the periodic system of inventory?
-
The population of Detroit, Michigan, decreased from 1,027,974 in 1990 to 688,701 in 2013 (Source: U.S. Census Bureau). Find the average rate of change in the population of Detroit, Michigan, over the...
-
The financial statements of Reitmans (Canada) Limited for 2012 are shown in Appendix A at the back of this textbook. They contain the following selected accounts: Administrative expenses Long-term...
-
WestJet Airlines Ltd. is one of the most profitable airlines in North America. The following list of accounts and amounts was taken from its December 31, 2011, financial statements (in thousands):...
-
White Glove Company offers home cleaning services. Three common transactions for the company are signing contracts with new customers, billing customers for services performed, and paying employee...
-
ABC Inc. curently has a share price of $44. If they are paying a dividend of $1.13, with a cum dividend date of November 1, would would you expect their share price to be on November 2nd? Please give...
-
Does China benefit from a weak currency?Does Us benefit from a strong currency? Why? Please explain
-
You purchased 10 ASD June 45 puts and the company declares a 10% stock dividend. How are the terms of the option contract then changed?
Study smarter with the SolutionInn App