Question: Matchbox Company issues 6%, four-year bonds, on December 31, 2011, with a par value of $100,000 and semiannual interest payments. Use the following straight-line bond

Matchbox Company issues 6%, four-year bonds, on December 31, 2011, with a of $100,000 and semiannual interest payments. Use the following straight-line bond amortization table and prepare journal entries to record
(a) The issuance of bonds on December 31, 2011;
(b) The first interest payment on June 30, 2012; and
(c) The second interest payment on December 31,2012.

miannual Period-End (0) 12/31/2011... (2) 12/31/2012 Unamortized Discount $6,733 5,891 5,049 Carrying Value $93,267 94,109 94.951

Step by Step Solution

★★★★★

3.29 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2011 a Dec 31 Cash 93267 Discount on Bonds Payable 6733 Bonds Payable 100000 Sold ... 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)

202-B-A-L (2405).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

1. To which environmental forces is Barnes & Noble responding? 2. What is appealing to customers about ordering online? 3. What are the advantages to a firm of selling online?

Presented below are selected transactions on the books of Simonson Corporation. May 1, 2014 - Bonds payable with a par value of $900,000, which are dated January 1, 2014 are sold at 106 plus accrued...

A company has bonds outstanding with a par value of $400,000. The unamortized premium on these bonds is $2,000. The company retired these bonds by buying them on the open market at 97. What is the...

Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated...

Matchbox Company issues 6%, four-year bonds, on December 31, 2011, with a par value of $100,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value (0)...

1 has 3 questions that go with it. Sylvester Company issues 13%, five-year bonds, on December 31, 2014. with a par value of $210,000 and semiannual interest payments. Use the above bond amortization...

How is the amount of each semiannual interest will be made on these bonds over their life? Use the interest rates given to determine whether the bonds are issued at par, at discount, or at a premium....

Paulson Company issues 6%, four-year bonds on December 31, 2016, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries...

Paulson Company issues 6%, four-year bonds, on December 31, 2017, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries...

Paulson Company issues 6%, four-year bonds, on December 31, 2015, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries...

Paulson Company issues 6%, four-year bonds, on December 31, 2013, with a par value of $ 200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries...

Calculate the following ratios for Brie Inc. for 2020, and state whether the ratios improved or weakened in 2020. Do not enter dollar signs percent signs, or commas in the input box. Round all...

The most recent dividend from the Bradshaw Company was $6.75. The company's historical dividend payment shows a constant growth rate of 5 percent per year. What is the most you would be willing to...

Please identify ethical and socially responsible behavior in business. Why does it matter?

A 5.00-kg block is set into motion up an inclined plane with an initial speed of 8.00 m/s (Fig. P8.33). The block comes to rest after traveling 3.00m along the plane, which is inclined at an angle of...

The magnitude of the gravitational force between a particle of mass ml and one of mass m 2 given by where G is a constant and x is the distance between the particles. (a) What is the corresponding...

A crate of mass 10.0 kg is pulled up a rough incline with an initial speed of 1.50 m/s. The pulling force is 100 N parallel to the incline, which makes an angle of 20.0 with the horizontal. The...

In Example 1 find a general solution for any ratio a = (flow rate) (tank size), tank sized being equal, Comment on the result.

Analyzing and Interpreting the Effects of Inventory Errors The income statement for Pruitt Company summarized for a four-year period shows the following: An audit revealed that in determining these...

Total retained earnings? a. $1,950,000 b. $2,110,000 c. $2,400,000 d. $2,560,000

On January 20, 2015, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date...

Review this chapters opening feature involving Adrien Edwards and his The Naked Hippie business. 1. Explain how a classified balance sheet can help Adrien know what bills are due when and whether he...

Samsung (Samsung.com) is a leading manufacturer of consumer electronic products. The following selected information is available from Samsungs financial statements. Required 1. Compute Samsungs...

Income statement preparation On December 31, 2015, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed $366,000 for...

The recession has hit hard and your widget corporation business is bleeding cash. You have decided to close the business and you have found other work. You are the sole shareholder of the...

Question 3 of 10 (1 point) | Question Attempt: 1 of 1 2 4 5 6 7 8 9 10 An ordinary (fair) coin is tossed 3 times. Outcomes are thus triples of "heads" (h) and "tails" (f) which we write hth, ttt,...