Question: Wayne Company issues 5 , 0 0 0 , 1 0 - year, 8 % , $ 1 , 0 0 0 bonds dated January

Wayne Company issues 5,000,10-year, 8%,$1,000 bonds dated January 1,2020, at 97. The journal entry to record the issuance will show a q,
credit to Cash for $4,850,000.
debit to Cash of $5,000,000.
credit to Bonds Payable for $4,850,000.
debit to Discount on Bonds Payable for $150,000.
Wayne Company issues 5,000,10-year, 8%,$1,000 bonds dated January 1,2020, at 97.

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!

Q:

Wildhorse Corporation issued $3.54 million of 7- year, 6% bonds dated January 1, 2021, for $3,166,065. The market interest rate when the bonds were issued was 8%. Interest is payable semi-annually on...

Q:

Question 1 O out of 0.1 points Ava, Inc., issued 8% bonds, dated January 1, with a face amount of $272,500 on January 1, 2016 for an issue price of 106.5. The bonds mature on December 31, 2025 (10...

Q:

1 A new company began operating on January 1, 2017 and employed 12 people. The company has a 5-day work week and all employees work 8-hour days. The company adopted an employee compensation policy...

Q:

Need help on performance obligation? Question 1. Fitt & Slim (F&S) is a health club that offers members various gym services. Required: 1.Assume F&S offers a deal whereby enrolling in a new...

Q:

Part 2 Problem (15 pts) You must show all of the steps for full credit. You must show how to do these calculations the manual way using the PV Tables and then in Excel using a spreadsheet like the...

Q:

Extinguishment of Debt - Buchanan Company issues 10-year term bonds with a par value of $800,000, dated January 1, 2018, and bearing interest at an annual rate of 8% (Stated Rate) payable...

Q:

Saved Help Sa On January 1, 2021, Bishop Company issued 8% bonds dated January 1, 2021, with a face amount of $20.3 million. The bonds mature in 2030 (10 years). For bonds of similar risk and...

Q:

in part A just need the correct answers in red boxes were I made mistakes. Thanks! Wildhorse Corporation issued $3.54 million of 7- year, 6% bonds dated January 1, 2021, for $3,166,065. The market...

Q:

BE15-2 Xenia Corporation issued 3,000,8%,5 year, $1,000 bonds dated January 1 , 2012 , at 100. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2012. (b) Prepare the...

Q:

(Multiple Choice) 1. Reed Company had $375,000 of current assets and $150,000 of current liabilities before borrowing $75,000 from the bank with a 3-month note payable. What effect did the borrowing...

Q:

Equation of an ellipse is 6x 2 +y 2 =10. Consider a tangent through the point P(1,2) which intersects the X axis and Y axis at points A and C respectively. If O is the origin find the area of the...

Q:

The table below shows the marginal utility which a particular consumer would get by purchasing various quantities of products a, b, and c. Qb MUb Mub/Pb 39 Qe MUC MUc/Pc 12 1 1 36 10 3 33 3 9. 30 4 8...

Q:

Redo the entire problem please and include formulas especially for column G . I cant give any more information other than that. Whoever did the initial problem did it entirely wrong.

Q:

How would you rate Axel's strategic CSR efforts using the impact assessment methodology? What are the reasons for and against Axel taking action? How would an employee as a stakeholder take...

Q:

Would the companys recent attempts to rectify the situation persuade you to resume shopping at Vogue Apparel?

Q:

As a possible member of Vogue Apparels target customer base, what decision would you make about purchasing their products in light of the revelations by the BBC?

Q:

Explain the importance of measuring the human resource management (HRM) contribution