Question: I need help ASAP Universal Foods issued 12% bonds, dated January 1, with a face amount of $160 million on January 1, 2021 to Wang

I need help ASAP I need help ASAP Universal Foods issued 12% bonds, dated January 1,

Universal Foods issued 12% bonds, dated January 1, with a face amount of $160 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar issues was 14%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31, 2028. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Credit No 1 Date General Journal January 01, 2021 Investment in bonds Discount on investment in bonds Cash Debit 160,000,000 2 June 30, 2021 9,600,000 Cash Discount on investment in bonds Interest revenue December 31, 202 Cash Discount on investment in bonds Interest revenue

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: The following additional information is taken from the records: A. Land was sold for $120....

Exercise 14-8 (Algo) Investor; straight-line method [LO14-2] Universal Foods issued 12% bonds, dated January 1, with a face amount of $140 million on January 1,2021 to Wang Communications. The bonds...

I will give thumbs up for correct answers ASAP!! Universal Foods issued 12% bonds, dated January 1, with a face amount of $125 million on January 1, 2021. The bonds mature on December 31, 2030 (10...

Universal Foods issued 12% bonds, dated January 1, with a face amount of $160 million on January 1, 2021 to Wang Communications The bonds mature on December 31, 2035 (15 years). The market rate of...

Exercise 14-7 (Algo) Determine the price of bonds; issuance; straight-line method [LO14-2] Universal Foods issued 12% bonds, dated January 1, with a face amount of $125 million on January 1, 2021....

Universal Foods issued 12% bonds, dated January 1, with a face amount of $160 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2038 (15 years). The market rate of...

Universal Foods issued 12% bonds, dated January 1, with a face amount of $250 million on January 1, 2021. The bonds mature on December 31, 2035 (15 years). The market rate of interest for similar...

Universal Foods issued 12% bonds, dated January 1, with a face amount of $140 million on January 1, 2021 to Wang Communications. The bonds mature on December 31, 2035 (15 years). The market rate of...

Universal Foods issued 12% bonds, dated January 1, with a face amount of $165 million on January 1, 2018 to Wang Communications. The bonds mature on December 31, 2032 (15 years). The market rate of...

Universal Foods issued 12% bonds, dated January 1, with a face amount of $170 million on January 1, 2018 to Wang Communications. The bonds mature on December 31, 2032(15 years). The market rate of...

Determine the amount paid by the buyer to settle the invoice if invoice is paid within discount period. Merchandise price = $6,500, terms 2/10; n/45, F.O.B. Shipping Point. Transportation Costs paid...

How might the result in this case have been different if NBT had committed the encoding error and FNCB had suffered the loss?

Hou are the new controller for Moonlght Bay Resiorts. The company CFO has ashed you ts determine the company's interest expense for the year ended December 3 1 , 2 0 2 4 , Your accounting group...

Draw out (10 points) E-R Diagram FedEx prides itself on having up-to-date information on the processing and current location of each shipped item. To do this, FedEx relies on a company-wide...

1. What do you think are the main problems in using performance management when working in an organisation where many of the workers are volunteers?

describe a model for achieving strategic learning, training and talent development

state what is meant by the term performance management