Question: Need help with this qns and please show workings for the bond amount and also the amount for credit and debit, thank you! On January

Need help with this qns and please show workings for the bond amount and also the amount for credit and debit, thank you!

Need help with this qns and please show workings for the bond

On January 1, 2022, Sunland Industries Inc. issued a $105,000, 8% bond due in 10 years with interest payable each January 1 and July 1. The effective interest rate is 9%. Click here to view factor tables. (a) Your answer is partially correct. Determine the discount or premium on the bond. (For calculation purposes, round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) Discount v on the bond $ Prepare the journal entry for the bond issue. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) count Titles and Explanation Debit Credit Cash Bonds Payable

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!

Write a query to display the author ID, first name, last name, and year of birth for all authors born in the decade of the 1980s sorted by author ID (Figure P7.70). Figure P7.70 Authors Born in the...

need help with this question, pls show workings as well thank u Current Attempt in Progress On January 1, 2022, Sunland Industries Inc. issued a $105,000, 8% bond due in 10 years with interest...

Toshiro group Inc is a fast growing global conglomerate. He has hired some bright graduates from EU to help him modernise the company. He must close his consolidated accounts for December 2019 and do...

Show Attempt History Current Attempt in Progress On January 1, 2022, Lily Industries Inc issued a $87,000,5% bond due in 10 years with interest payable each January 1 and July 1. The effective...

On January 1, 2016, Masterwear Industries issued $700,000 of 12% bonds, dated January 1. Interest of $42,000 is payable semiannually on June 30 and December 31. The bonds mature in three years. The...

I need the solution Manual for chapter 9. I directions are attached. Instructions City of Smithville Full Version Computerized Cumulative Problem For use with McGrawHill Education Accounting for...

NOTE:Question 1 and 2 are entirely different and have nothing in common or to share with each other 1. 2. When market interest rates were 6%, three companies issued bonds on January 1, 2021. Each...

please answer requirement "a" and "c" only LiveSmart Furniture Co. was established in the Kingdom of Bahrain and has been operating for several years. The showroom located in Hamala displays a...

Can someone please help me prepare these transactions for general journal? Thank you if you can do them all thatd be awesome but if not atleast need 36-52! Can someone help me with these entries...

In what ways do modern social forces make it easier or more challenging for extended families to function?

2) Jackson Corporation has planned Initial Public Offering Issue of 200,000,000 Ordinary shares which has par value of PKR 10/-each. The entire Issue of 200,000,000 Ordinary Shares will be offered...

Evaluate the definite integral. 4 7 ( 1 2 x ^ 2 2 x + 9 ) dx

In the circuit shown in Figure 1, if the voltage VDS (=VGS) and the current ID are known for two different values of VDD, the parameters Vt and K can be computed from 2 I D = K( V GS - V t ) 2 ....

Ryngard Corp's sales last year were $38,000, and its total assets were $16,000. What was its total assets turnover ratio (TATO)? a. 2.26 b. 2.04 c. 2.38 d. 2.49 e. 2.14

Determine the future value of the following single amounts (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.) (Round your...

As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000...

Determine the future value of S14,000 under each of the following sets of assumptions (FV of Si, PV of Sl, FVA of Sl, PVA of Sl, FVAD of Si and PVAD of Si) (Use appropriate factor(s) from the tables...

QUESTION ONE [ 5 0 ] Read the following article and answer the questions that follow: Employee Training and Development: Investing In The Future At Discount Tire we have a strong culture of caring...

Summarize the economic impact of safety.

Describe what is involved in reaching, ratifying, and administering the labormanagement agreement.

Summarize the prevalence of unions.