On January 1, 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External markets value
Question:
Required:
Prepare the necessary journal entry on December 31, 2021, assuming the straight-line method is followed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Journal Date Account and Explanat...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Use the information from Brief Exercise 9-51. On January 1, 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External markets value the bonds at $630,000 more than face value....
-
On January 1, 2019, Jade Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Jade uses the effective-interest...
-
On January 1, 2020, Garner Hot Rods issued $2,000,000 of 6%, 10-year bonds. Interest is payable semiannually on June 30 and December 31. Required: What is the issue price if the bonds are sold to...
-
A square garden has an area of 900 square feet. If a sprinkler (with a circular pattern) is placed in the center of the garden, what is the minimum radius of spray the sprinkler would need in order...
-
Rarefied Hg gas whose atoms are practically all in the ground state was lighted by a mercury lamp emitting a resonance line of wavelength = 253.65 rim. As a result, the radiation power of Hg gas at...
-
How do different relative endowments and intensities of skilled labor across countries help explain the Leontief paradox? Also, how does the product cycle model help explain the same paradox?
-
An engine is used on a job requiring \(110 \mathrm{~kW}\) BP. The mechanical efficiency of the engine is \(80 \%\) and engine consumes \(50 \mathrm{~kg} / \mathrm{hr}\) of fuel. A design improvement...
-
Firm A has $10,000 in assets entirely financed with equity. Firm B also has $10,000 in assets, but these assets are financed by $5,000 in debt (with a 10 percent rate of interest) and $5,000 in...
-
Describe a federal law that shapes discretionary benefits practices and identify the relevant employee benefits practices to which they apply. What are pros and cons of this law?
-
Based on the attached case details address the following in at least 1. External environment (threats and opportunities) 2. Internal capabilities 3. Recommended business-level strategy to follow Case...
-
Use the information from Brief Exercise 9-49. On January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at $30,000 less than the face...
-
Refer to the information for Roman Corporation below. Roman Corporation decided to issue long-term debt in order to pay off its short-term obligations. On January 1, 2021, Roman issued $900,000 in 7%...
-
Modula-2 provides no way to divide the header of a module into a public part and a private part: everything in the header is visible to the users of the module. Is this a major shortcoming? Are there...
-
Current mobile devices offer Everything from ordering a pizza to playing video games to doing your banking . IS having this consumer control and access a benefit or are We ceding some control over to...
-
Why is determining the specific purpose such an important early step in speech preparation and Why is it important to include the audience in the specific purpose statement?
-
How might your content determine the style of your speech? Think of a policy speech, instructive speech, or entertainment speech.
-
How a medical assistant can differentiate between what a patient believes and what is measurable?
-
Make a folio of 5 different paper sizes, types, colors and their associated use. Also 5 different envelopes sizes, types and colors.
-
Canalle Corporation has the following portfolio of long-term available-for sale securities at year end, December 31, 2010: Both the Unrealized Loss on Long-Term Investments account and the Allowance...
-
What is EBIT/eps analysis? What information does it provide managers?
-
The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. Evaluate the internal controls in...
-
Bobby Flynn served as executive director of Downtown Kalamazoo, an organization created to revitalize Kalamazoo, Michigan. Over the course of 13 years Flynn embezzled $333,000. How did Flynn do it?...
-
The following items appear on a bank reconciliation: 1. ___ Outstanding checks 2. ___ Bank error: The bank credited our account for a deposit made by another bank customer. 3. ___ Service charge 4....
-
How does the implementation of a centralized database system impact the efficiency and data accuracy in a large retail organization?
-
Identify some processes related to a workplace, assess the benefits and concerns that may arise as a result of the relative sizes of P-time with respect to D-time. In a table include the benefits and...
-
industry competitors and customers analysis & develop a communications pla. Choose any company and analyze its industry, competitors and customers. Then either present theirs communications plan or...
Study smarter with the SolutionInn App