FREE Trial

Robbins Corp. produces and sells wind-energy-driven engines. To finance its operations, Robbins Corp. issued $30,000,000 of 20-year, 10% callable bonds

Question:

Robbins Corp. produces and sells wind-energy-driven engines. To finance its operations, Robbins Corp. issued $30,000,000 of 20-year, 10% callable bonds on March 1, 2014, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:

2014

Mar. 1. Issued the bonds for cash at their face amount.

Sept. 1. Paid the interest on the bonds.

2020

Sept. 1. Called the bond issue at 98, the rate provided in the bond indenture.

(Omit entry for payment of interest.)


This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 88% (9 reviews)

2014 Mar 1 Cash 30 000 000 Bonds Payable …View the full answer


answer-question
Answered By
tutor-profile-image
Anoop V
I have five years of experience in teaching and I have National Eligibility in teaching (UGC-NET) .
5.00+ 1+ Reviews 10+ Question Solved
Related Book For  answer-question
Corporate Financial Accounting

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books
Question Details
Chapter # 12
Section: Exercises
Problem: 9
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: February 28, 2014 08:44:07
See More Questions

Students also viewed these Accounting questions

Q:
Journalize the entries to record the following selected transactions. a. Sold $652,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $384,680. If an amount...
A:
Answers a Accounts title Debit Credit Account......
Q:
Journalize the entries to record the following selected bond investment transactions for Olson Technologies: (a) Purchased for cash $90,000 of Hart Industries 7% bonds at 100 plus accrued interest of...
A:
Date a b c Particulars Investments Hart Industries Interest Receivable......
Q:
Journalize the entries to record the following selected transactions of Grove Monuments, Inc.: Apr. 15. Paid the first installment of the estimated income tax for the current fiscal year ending...
A:
Apr 15 Income Tax Expense 70 000 Cash 70 000 June 15 Income Tax Exp......
Q:
A three-phase line has an impedance of 1 + j3 per phase. The line feeds a balanced delta-connected load, which absorbs a total complex power of 12 + j5 k VA. If the line voltage at the load end has...
A:
For a connected loa......
Q:
(a) What is the probability of finding an electron on the inter-nuclear axis if the electron occupies a molecular orbital? (b) For a homo-nuclear diatomic molecule, what similarities and differences...
A:
a Zero b The two 2p molecular orbitals are degenerate they have the......
Q:
Give the systematic name for each of the following compounds a. b. (CH3)3CCH2CH2CH2CH(CH3)2 C. d. (CH3CH2)4C e. CH2CH2CH2CH2CH2NHCH2CH3 f. g. h. i. j. k. CH3OCH2CH2CH2OCH3 Br CH3HCH2CH2CHCH2CH2CH3 CH...
A:
a 5 bromo 2 methyloctane b 2 2 6 tnmethylheptane c 2 3......
Q:
Determine the temperature and phase of water from the following information. If the phase is a vapor-liquid mixture, report the fraction of vapor and liquid. a) The specific volume of water is 100 cm...
A:
To determine the temperature and phase of water given the specific volume and pressure we can use th......
Q:
Alpha Company needs 20,000 units of a certain part to use in its production cycle. The following information is available: Cost to Alpha to make the part: Direct materials . . . . . . . . . . . . . ....
A:
1 Relevant cost per unit Direct materials 4 00 Direct labor 16 00 Variable overhead 12 00......
Q:
You are interested in buying 100 shares of Diversified Companys $60 par value preferred stock. The stock has a dividend rate of 8.5%. If your required return is 11 percent, how much would you be...
A:
The detailed answer for the above question is provided below To calculate......
Q:
Arrange the departments so they satisfy the conditions shown in the following rating grid into a 3 Ã 3 format. Place department 5 in the lower left corner of the 3 Ã 3grid. Department 1...
A:
Given We must arrange departments in a 3 x 3 grid and Department 5 must be loca......
Q:
Polders Corp., a wholesaler of office equipment, issued $40,000,000 of 10-year, 8% callable bonds on April 1, 2014, with interest payable on April 1 and October 1. The fiscal year of the company is...
A:
2014 Apr 1 Cash 40 000 000 Bonds Payable......
Q:
On the first day of the fiscal year, Nash Company borrowed $50,000 by giving a six-year, 5% installment note to Buffet Bank. The note requires annual payments of $9,851, with the first payment...
A:
a 1 Cash 50 000 Notes Payable 50 000 2 Interest Expense 2 500 Notes Payable 7 351 Cash 9 851 50 000......
Q:
For each of the following three populations, indicate what the sampling distribution for samples of 25 would consist of: a. Customer receipts for a supermarket for a year. b. Insurance payouts in a...
A:
a For samples of 25 customer receipts for a supermarket for a year the sampling......
Q:
Home Depot just paid a cash dividend of $7.60 per share. The dividends have grown at 11.8 percent per year recently. They are expected to grow at the same rate indefinitely.The current price of the...
A:
a To calculate the cost of equity using the Dividend Growth Model also known as the Gordon Growth Mo......
Q:
Write query that returns all the data from Staff table. Write a query to retrieve propertyNo, street, staffNo from PropertyForRent where staffNo is not null from PropertyForRent. Write a query with...
A:
Here are the SQL queries based on your requests 1 Query to retrieve all data from the Staff table SE......
Q:
You are given the following data dictionary: firm_dict = {'name': 'ZU Corp.', 'revenue': 5.572, 'operating income': 1.950, 'net income': 1.393} Write the code to return the value for the net income...
A:
You can use Python s dictionary get method to safely retrieve the value for the ne......
Q:
Friendly Gas Co. purchases a gas station and convenience store on January 1, 2022, at a cost of 875,000. Friendly expects to operate the store and gas station for 20 years. The company is legally...
A:
a Journal entries on January 1 2022 1 To record the purchase of the gas station convenience store De......
Q:
What are the pros and Cons of Participant observation and focus groups? What are the three most important things for each method that you think researchers need to keep in mind prior to doing the...
A:
Participant Observation Pros 1 Rich Data Participant observation allows researchers to gather in depth contextually rich data by immersing themselves in the environment being studied 2 Understanding B......
Q:
For a pair of electron donor and acceptor at 298K, H et (d)=0.04 cm 1 , rG =0.185 eV and k et =37.5 s 1 . Estimate the value of the reorganization energy.
A:
Calculation The reorganization energy i......
Q:
What is an insurable interest? Why is it important?
A:
An insurable interest refers to a financial stake in what is being......
Q:
Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product...
A:
A Direct Materials Cost Variance Price variance Direct Materials Price Variance Actual Price Standar......
Q:
Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Type of admissionStandard Time to Complete Admission...
A:
A Number of employees 4 Hours per week x 40 Total actual hours for the week 160 Labor rate per hour......
Q:
Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Type of admissionStandard Time to Complete Admission...
A:
A Number of employees 4 Hours per week x 40 Total actual hours for the week 160 Labor rate per hour......
Pell And Pell–Lucas Numbers With Applications 1st Edition - ISBN: 1461484898 - Free Book