Question: Bangles Corporation issued 5-year, 11% bonds with a face value of $300,000 on April 1, 2019. Assume that the bonds are sold for $318,000. Interest

Bangles Corporation issued 5-year, 11% bonds with a face value of $300,000 on April 1, 2019. Assume that the bonds are sold for $318,000. Interest is paid semiannually at October 1 and April 1. Required: Prepare the journal entries to record the issuance on April 1, 2019 and the first interest payment on October 1, 2019. Use the straight-line method to amortize the premium

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Sure here are the journal entries 1 April 1 2019 Issuance Cash proceeds from bond issuance 318000 ... 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

Students Have Also Explored These Related Accounting Questions!

Reyes Rides is owned by Jason Reyes. The company has an August 31 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at August 31,...

On January 1, 2019, Kelly Corporation acquired bonds with a face value of $400,000 for $387,580.27, a price that yields a 12% effective annual interest rate. The bonds carry a 11% stated rate of...

Use the same information in RE14-3, except assume that the bonds are sold for $318,000. Prepare the journal entries to record the issuance on April 1 and the first interest payment on October 1. Use...

Match the following with the correct answer. Study of heat change in chemical reactions is called Types of systems are When heat has to be supplied to the system by surrounding is known as Milk kept...

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...

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...

The Bailey 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...

Bangies Corporation issued S-year, 11\%, bonds with a face value of $300,000 on Apeil 1, 2019. Assume that the bonds are sold for $318. oco. interest is paid semiannualy at October 1 and Aprit. 1....

2. On December 31, 2010, Nolte Co. is in financial difficulty and cannot pay a note due that day. It is a $1,200,000 note with $120,000 accrued interest payable to Piper, Inc. Piper agrees to accept...

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...

If the government decides to provide public colleges, what tuition will these colleges charge to achieve the efficient number of students? How much will taxpayers have to pay? The marginal cost of...

The A. C. Nielsen Company collects data on the TV viewing habits of Americans and publishes the information in Nielsen Report on Television. Suppose that you want to use a paired sample to decide...

If you ran a bank, which rate would you rather advertise on monthly - compounded loans, the EAR or the APR? Which rate would you rather advertise on quarterly - compounded savings accounts, the EAR...

9. CAD Corporation is considering some new equipment whose data are shown below. The equipment has a 3-year tax life and would be fully depreciated by the straight-line method over 3 years, but it...

Question: You have just won 10 Million rupees as part of lottery. You want to invest it in an area of you always dreamed. Construct a next 10-year decision tree model with a decision choice after...

Divide the equation provided below: Divide. (6x^2+27x+8)/(x+4). Your answer should give the quotient and the remainder. Please discuss the steps you took to arrive at your answer.

Which strategy helps navigate complexity by separating components to reduce the impact of interdependencies? Group of answer choices Simulation Iteration Reframing Decoupling

On December 31, 2019, Warren Companys Intangible Assets account reflects two assets 1. Goodwill , $145,000. This amount was recorded in December 2018 as part of the cost of acquiring an existing...

Choose the website of a corporation. You can find most corporate websites by typing the corporations name after www.,then.com. Find the 10K or annual report. Locate the income statement, balance...

What does the price variance for materials show?

Consider the meanings of the terms commerce, custom (customer), merchant, and trading. What do you conclude about marketing ideology and practice today?

How does dialogue differ from monologue? Think of some business activities that are purported to be marketing, and are: (a) obviously expressive and (b) obviously impressive (i.e. the provider learns...

What is the origin of popular marketing ideology? Do economists, social theorists, communication theorists, anthropologists or other specialists have the best theory of marketing?