On the first day of the fiscal year, a company issues a $2,000,000, 8%, 5-year bond that

Question:

On the first day of the fiscal year, a company issues a $2,000,000, 8%, 5-year bond that pays semiannual interest of $80,000 ($2,000,000 × 8% × ½), receiving cash of $2,170,604. Journalize the bond issuance.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-1285743615

26th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: Oct 27, 2016 02:03 AM

See More Questions

On the first day of the fiscal year, Hammond Company obtained a $ 44,000, seven-year, 5% installment note from Vegas Bank. The note requires annual payments of $7,604, with the first payment...
On the first day of the fiscal year, Harris Company borrowed $65,000 by giving a 10-year, 6% installment note to Cuba Bank. The note requires annual payments of $8,832, with the first payment...
On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment...
In the OKR goal-setting framework, what is the difference between objectives and key results? Objectives deal with measurable aspects of a company's processes, while key results deal with...
The following data were taken from recent annual reports of Trump Hotels and Casino Resorts, Inc., which owns and operates casino-based entertainment resorts in Atlantic City, New Jersey. a....
Bill Cavitt owns a data processing company. He plans to buy an additional computer for $20,000, use the computer for 3 years, and sell it for $10,000. He expects that use of the computer will produce...
P 5-1 Consolidated income and retained earnings (upstream sales, noncontrolling interest) Pam Corporation acquired its 90 percent interest in Sun Corporation at its book value of $3,600,000 on...
SuperSound Stereos sells high-end stereo equipment to specialty audio and video shops. SuperSound serves three different types of customers: small, medium, and large. Customers are placed into these...
Why it is so difficult to understand the Internal Revenue Code?
Hadlock Manufacturing manufactures a single product that it will sell for $68 per unit. The company is looking to project its operating income for its first two years of operations. Cost information...
On the first day of the fiscal year, a company issues a $3,000,000, 11%, 5-year bond that pays semiannual interest of $165,000 ($3,000,000 11% ), receiving cash of $2,889,599. Journalize the bond...
On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 11% ), receiving cash of $8,308,869. Journalize the...
The Levitron TM is a toy in which a spinning magnetic top floats stably in air above a magnetized base. The potential energy of this system is V B (r) = Mgz m B(r) if we model the top as a point...
Explain the background and prerequisites of supply chain management. Present the basic factors for implementing cooperation between companies in relation to supply chain integration, and discuss what...
You're soliciting for a $2M non-commercial research and development effort to produce prototypes for a handheld virus scanner. There appears to be only one source capable of performing this...
1. what is the Nordic Model to prostitution?2. what are the advantages/disadvantages of the Nordic Model?3. many groups (including the ACLU) advocate for the decriminalization or legalization of sex...
A property owner is considering installing electric valves with automatic timers on their sprinkler systems. They estimate needing 45 valves and timers costing $65 for each set. Initial installation...
Will each scenario shift the aggregate supply curve, the aggregate demand curve, both, or neither? Items (4 items) (Drag and drop into the appropriate area below) A new technology makes workers more...
Prove that (x) = x 2 takes on the value 0.5 in the interval [0, 1].
a. Why does the Wi-Fi Alliance release compatibility testing profiles in waves instead of combining the entire standards features initially? 27a1.) An 802.11ac Wi-Fi compatibility testing profile...
a. Why is the rate earned on stockholders equity by a thriving business ordinarily higher than the rate earned on total assets? b. Should the rate earned on common stockholders equity normally be...
The following information was taken from the financial statements of Finn Resources Inc. for December 31 of the current fiscal year: Common stock , $20 par value (no change during the year)...........
Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. Discuss in detail.
Just work out the assignment on your own sheet, you dont need the excel worksheet. Classic Coffee Company Best friends, Nathan and Cody, decided to start their own business which would bring great...
Financial information related to the proprietorship of Ebony Interiors for February and March 2019 is as follows: February 29, 2019 March 31, 2019 Accounts payable $310,000 $400,000 Accounts...
(b) The directors of Maureen Company are considering two mutually exclusive investment projects. Both projects concern the purchase of a new plant. The following data are available for each project...

On the first day of the fiscal year, a company issues a $2,000,000, 8%, 5-year bond that

Question:

Step by Step Answer:

Cash 2170604 ...View the full answer

Accounting

Students also viewed these Accounting questions