1.On January 1, 2018, Corvallis Carnivals borrows $24,000 to purchase a delivery truck by agreeing to a 5%, five-year loan with the bank. Payments of $452.91 are due at the end of each month, with the first installment due on January 31, 2018.
Record the issuance of the note payable and the first monthly payment.
- Record the issuance of the Note Payable
- Record the First Monthly
value: 0.60 points Brief Exercise 94 Record installment notes (L092) On January 1I 2018, Corvallis Camivala borruws $24,000 to purchase a delivery tmck tn; agreeing tn a 5%, l'Ne-year loan with the bank. Payments $5452.91 are due atthe end of each month, with the rst installment due on January 31. 2018. Record thI issuance eflhe note payablI and the rst mon'd'lly paymIni. (If no entry Is requlred tor a lransectlonievent, eelect "NoJournel entry required" In the ret account Ileld. Do not round your Intermedlete celculellone. Round yourflnel answers to 2 declrnel places.) VleW transactlon \"5' Journal entryr worksheet Recurd the issuance of the note payable. Note: Enter debits before credits. January 01, 201E Record entry Clear entry View general journal value: 0.60 puinls Brief Exercise 9-3 Calculate the issue price of bonds [L09-5) LllIimate Butler Pepnom issues 7%. 10-year bonds with a face amount of $41,000. The market interest rate for bonus of similar risk and maturity is 7%. Interest is paid semiannually. At what price will the bonds issue? (FV owl, PV of $1, FVA of $1, and PVA of $1) (Use eppmprlate faclee) from the tables provlded. Do not round Interest rate factors. Rnund'Market Interest rate" to 1 declrnal place.) Face amount Interest payment Market interest rate PerIods to maturity Issue prIce value: 0.60 painls Brief Exercise 9-6 Record bond issue and related semiannual interest (LOB-6| Pretzeln'iania, |nc.. issues 7%, 10-year bonds wilh a few amount of $57,000 for $57,000 an January 1, 2018. The market interest rate for bonds efsimilar risk and maturity is 7%. Interest is paid semiannuelly on June 30 and December 31. 1. a. 2. Record the bond issue and rst interest paymenl on June 30. 2018. [II no entry Is required for a treneectlonlevent, Ielecl "No journal entry requlrecl" In the rel account eld.) View [I'SI'ISaCUDn \"SI Journal entry worksheet Record the issuance of bond. Nate: Enltr debits before credits. Record entry Clear entry View generaljournal value: 0.60 pninls Brief Exercise 9-6 Record bond issue and related semiannual interest (L09-6| Prelzelmania. Inc.I issues 7%, 10-year bonds wilh a face amount of $57,000 for $57,000 on January 1. 2018. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and Demmher 31. 1. 8. 2. Retard the bond issue and rst interest payment on June 30, 2018. [If no entry la required for a treneecllonfevent, select "No [carnal entry required" In the rst account eld.) VIEW transactlon \"5' Journal entry worksheet Record the rst interest payment. Note: Enter debits before credits. June 30, 201B Record entry Clear entry View general journal value: 0.60 points Brief Exercise 942 Calculate interest expense [L096] On January 1. 2018, Lizzy's Lemonade issues 5%. 20-year bonds with a face amount of $97,000 for 3585.789, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be recorded on June 30, 2018. the rst interest payment date? :| References eBmk a Resources Worksheet Difwlty: 1 Easy Brie'l Exercise 9-12 Calculate Learning Objective: 09-06 Account for the Interest expense (L096) issuance of bonds. Chad: my walk value: 0.60 points Brief Exercise 943 Calculate interest expense (LOB-6) On January 1I 2018, Lyle's Limaade 'eeuea 5%, 15-year bum with a face amount ulSTl'J,OOO for $63,140, priced to yield 6%. Inleresl is pairl aemiannually. What amount of interest expense will be recorded in lhe December 31, 2013, annual income slalement? [Do not round Interrnedlela calculatlone.) _:| References eBook & Resources Worksheet Difculty: 1 Elly Brief Enrelee 9-13 Calculaie Learning Objective: 09-06 Account Eur the Interest expense (LOB-E) issuance of bonds. Check my work a m
