Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable on July 1 and
Question:
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2014.
(b) Prepare the journal entry to record interest expense and bond premium amortization on July 1, 2014, assuming no previous accrual of interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
a Jan 1 Cash 102 X 4000000 4080000 Bonds Pa...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
The dye dilution method is used to measure cardiac output with 8 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = t(12 t), 0 < t < 12, where is measured in seconds. Find the...
-
The dye dilution method is used to measure cardiac output with 6 mg of dye. The dye concentrations, in mg/L, are modeled by c(t) = 20te-0.6t, 0 t 10, , where is measured in seconds. Find the...
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
A square duct, 30 cm by 30 cm, is maintained at a constant temperature of 30oC and an airstream of 50oC and 1 atm is forced across it with a velocity of 6 m/s. Calculate the heat gained by the duct....
-
Evaluate E for the half-reaction (CN)2(g) + 2H+ + 2e- 2HCN(aq)
-
For the following problems, find the solution to the difference equation and the equilibrium value if one exists. Discuss the long-term behavior of the solution for various initial values. Classify...
-
A countercurrent extraction system extracts furfural from water into methyl-isobutyl ketone (MIBK) at \(25^{\circ} \mathrm{C}\). Aqueous feed contains 0.0011 wt. fraction furfural and has a feed rate...
-
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following...
-
The 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income INCOME STATEMENT, 2019 Dividends $ 34,760 Addition...
-
1. Social Security is indexed to inflation. If the inflation rate is 3 percent over the next 30 years, how much Social Security income will the Rohrbachs receive? How much will their income...
-
Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable on July 1 and January 1. The straight-line method is used to amortize bond discount. (a) Prepare the journal entry...
-
Eubank Corporation issues $500,000 of bonds for $520,000. (a) Prepare the journal entry to record the issuance of the bonds, (b) Show how the bonds would be reported on the balance sheet at the date...
-
The dependent variable of interest is the inflation, consumer price index all items, which is CPIAUCSL. The predictors consist of the first 6 lagged values of all 122 variables available. Perform a...
-
Question 3 of 10 Wildhorse Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2025 Projected benefit obligation $2,727,900...
-
Delph Company uses job-order costing with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 50,000 machine-hours would be...
-
If a Hershey's Chocolate allows its lower level managers to aid in the decision making process because these managers are more aware of what is going on and need to develop their decision making...
-
Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied...
-
Jarvene Corporation uses the FIFO method of process costing. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning...
-
Figure 6.5, panel A, illustrates technical inefficiency for firms with a one-input production function. It was explained that ineffi ciency could be measured by output distance or, alternatively,...
-
Explain why it is not wise to accept a null hypothesis.
-
Three single-phase, two-winding transformers, each rated 450 MVA, \(20 \mathrm{kV} / 288.7 \mathrm{kV}\), with leakage reactance \(\mathrm{X}_{\mathrm{eq}}=0.10\) per unit, are connected to form a...
-
Contrast the straight-line method and the units-of-activity method as to (a) Useful life, and (b) The pattern of periodic depreciation over useful life.
-
Contrast the following types of bonds: (a) secured and unsecured, and (b) convertible and callable.
-
(a) What are non-current liabilities? Give three examples. (b) What is a bond?
-
what is the basis of property converted from personal use to busoness
-
Breakdown TTM Total Revenue 43,712,985,000 Cost of Revenue Gross Profit Operating Expense 35,030,010,000 8,682,975,000 3,815,807,000 Operating Income 4,867,168,000 Net Non Operating Interest In......
-
42. Micah's beginning tax basis capital account on his Schedule K-1 is $60,000. During the year, he is allocated $20,000 of partnership income, $8,000 of nondeductible expenses, and a $12,000 share...
Study smarter with the SolutionInn App