FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) On January 1, 2020, KGM Inc. sell at $230,000, three-year, 15% bonds at 70 (70% of face value) with interest payable on December 21st.

image text in transcribed
image text in transcribed
1) On January 1, 2020, KGM Inc. sell at $230,000, three-year, 15% bonds at 70 (70% of face value) with interest payable on December 21st. What is the entry to record the issuance? 2) Selling Bonds at a Premium, the KMG Inc. bonds known to sell at 300 rather than at 70. What is the entry to record the sale? Make the journal entries for those 2 transactions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Business Strategy Audit

The Business Strategy Audit

Authors: Vernal Della-Piana, Murray Low, Kendall Lyman

1st Edition

978-0955970740

More Books

Students also viewed these Accounting questions

Question

★★★★★
Campbell Soup used BehaviorScan data to discover that viewers of two daytime serials had very good appetites. Search for Tomorrow viewers bought 27 percent more spaghetti sauce than average, but 22...

Answered: 1 week ago

Question

★★★★★
Sevillaentersintoa$100Knotionalequityswap,inwhichSevillapaystheequityreturnandreceivesLibor.OnMarch15,the6-monthLiboris2%.LiborpaymentsuseACT/360.ThenextpaymentdateintheequityswapisSeptember15,sothere...

Answered: 1 week ago

Question

★★★★★
=+8.17 Suppose that the mean value of interpupillary distance (the distance between the pupils of the left and right eyes) for adult males is 65 mm and that the population standard deviation is 5 mm.

Answered: 1 week ago

Question

★★★★★
A straddle occurs when an investor purchases both a call option and a put option. Such a strategy makes sense when the individual expects a major price movement but is uncertain as to the direction....

Answered: 1 week ago

Question

★★★★★
1) On January 1, 2020, KGM Inc. sell at $230,000, three-year, 15% bonds at 70 (70% of face value) with interest payable on December 21st. What is the entry to record the issuance? 2) Selling Bonds at...

Answered: 1 week ago

Question

★★★★★
Pine Company expects to sell 800 wreaths in December 2016 but wants to plan 225 more and 225 less than expected. The wreaths sell for $15.00 each and have variable costs of $10.00 each. Fixed costs...

Answered: 1 week ago

Question

★★★★★
What basic/fundamental need must the CIFFA forwarder identify and take into account before offering a transport alternative? Question 3 options: Safety and security of the cargo Reasonable...

Answered: 1 week ago

Question

★★★★★
In recent years, the number of Americans who never marry has Multiple choice question. decreased. not changed. increased

Answered: 1 week ago

Question

★★★★★
When is it not acceptable to apply the auditing standards of another country or the International Standards on Auditing (ISAs)? The auditor is a licensed expert of those standards. The auditor uses...

Answered: 1 week ago

Question

★★★★★
Resistance is a deleterious force in therapy and must be confronted in the first session true or false

Answered: 1 week ago

Question

★★★★★
A company is giving a hiring exam for an entry level position. 80% of the candidates passed with an average score of 83%, while remaining candidates failed the exam with an average score of 54%. If...

Answered: 1 week ago

Question

★★★★★
C What aspects of the public speaking situation do you think a VRT simulation could effectively simulate?

Answered: 1 week ago

Question

★★★★★
A What type of accent do you have? How do you feel it is perceived by others from different regions in the United States or even abroad?

Answered: 1 week ago

Question

★★★★★
Many of us feel awkward when we hear our voices on a recording, but rather than feel uncomfortable, you should learn to embrace your speaking voice. What aspects of your vocal delivery are unique to...

Answered: 1 week ago

Previous Question Next Question