Garcia Company issues 11.0%, 15-year bonds with a par value of $260,000 and semiannual interest payments....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Garcia Company issues 11.0%, 15-year bonds with a par value of $260,000 and semiannual interest payments. On the issue date annual market rate for these bonds is 9.0%, which implies a selling price of 116 1/4. Prepare the journal entry for the issuance of these bonds for cash on January 1. View transaction list Journal entry worksheet < 1 Record the issue of bonds with a par value of $260,000 at a selling price of 116 1/4. Note: Enter debits before credits. Date January 01 Cash General Journal Debit Credit Premium on bonds payable Bonds payable + Record entry Clear entry View general journal Garcia Company issues 11.0%, 15-year bonds with a par value of $260,000 and semiannual interest payments. On the issue date annual market rate for these bonds is 9.0%, which implies a selling price of 116 1/4. Prepare the journal entry for the issuance of these bonds for cash on January 1. View transaction list Journal entry worksheet < 1 Record the issue of bonds with a par value of $260,000 at a selling price of 116 1/4. Note: Enter debits before credits. Date January 01 Cash General Journal Debit Credit Premium on bonds payable Bonds payable + Record entry Clear entry View general journal
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
a. Distinguish between internal common equity and new common stock. b. Why is there a cost associated with internal common equity? c. Describe two approaches that could be used in computing the cost...
-
Use the same information in Cornerstone Exercise 7-17, except that Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 150,000 miles. The actual miles driven...
-
Twenty percent of students in a college ever go to their professor during office hours. Of those who go, 30% seek minor clarification and 70% seek major clarification. a. What is the probability that...
-
When a board member leaves the board, when is it desirable or wise to keep this person involved with the organization? How could this be accomplished?
-
The partial trial balances of P Co. and S Co. at December 31, Year 5, were as follows: Additional Information ¢ The investment in the shares of S Co. (a 90% interest) was acquired January 2,...
-
El mate te puede servir como un sustituto de las vitaminas en caso de que no (recordar) tomarlas en la maana
-
Question 1 Given the image f(x,y) with x,y (0,1,2,3,4), answer the following questions and show your work. 100 55 52 100 101 100 101 52 52 55 52 51 52 52 55 52 55 52 52 55 51 52 51 f(x,y) = 105 50...
-
Discuss the controversy that can occur when considering a patient's right to know whether a caregiver has AIDS and the caregiver's right to privacy and confidentiality.
-
If you were in Mark's position, would you give everyone a raise, no one a raise, or only some employees a raise? How does your decision ensure that all employees perceive that your actions are fair?...
-
Mr. Aranjuez bought a flat screen TV on credit. They ask for a down payment of $5,300.00 and you have a balance of $21,200.00 left to cover with 12 payments of $2,200.00 each. What is the annual...
-
1 How many driver's licence applicants would be processed per hour using the re- engineered process? 2 Identify the bottlenecks that would have to be removed to reach the current level of output. 3...
-
A newspaper vendor sees demand variability for the news papers between 80-100 / day The vendor buys the newspapers for 1$ for a pack of 5 newspapers. The vendor is able to sell the newspapers for $1/...
-
Research two contemporary accounting topics, such as valuing intellectual capital and International Financial Reporting Standards (IFRS), and how these standards differ from Generally Accepted...
-
Classify each of the following activities as proper or prohibited under the various consumer statutes you have studied. a. Calling a hospital room to talk to a debtor who is a patient there. b....
-
_________, which allow sellers to charge a higher price for the first unit than for later units, are another form of price discrimination.
-
Describe and explain how price and output are determined in a monopolistically competitive market
-
Describe and explain the difference between monopolistic competition and perfect competition.
Study smarter with the SolutionInn App