Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone please assure if these answers i did are correct? Current Attempt in Progress Comet Products Ltd. issued bonds and received proceeds of $58,365,775.

image text in transcribedCan someone please assure if these answers i did are correct?
image text in transcribed
Current Attempt in Progress Comet Products Ltd. issued bonds and received proceeds of $58,365,775. The bonds mature in 13 years and carry a 9% interest rate paid semi-annually. The bonds were issued at a price of 95.525 to yield 9.610% Show the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation Credit Debit Cash 58365775 Notes Payable 58365775 List of Accounts --12 Question Part Score Determine the face value of the bond. $ 61100000 Face Value of the Bonds Show the journal entries to record the first two semi-annual interest payments on these bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 125.) Debit Creat Account Titles and Explanation Interest Expense 2804475 Notes Payable 54975 Cash 2749500 (First payment) Interest Expense 2801834 52334 Notes Payable Cash 2749500 (Second payment)

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

Visual Auditory And Kinesthetic Self Audit Communication And Learning Profiles

Authors: Brian Everard Walsh, Ronald Willard, Astrid Whiting

1st Edition

098666555X, 978-0986665554

More Books

Students also viewed these Accounting questions