Question
Hello, there are 13 accounting questions attached. 1.If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually, what is
Hello, there are 13 accounting questions attached.
1.If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually, what is the amount of the interest payment at the end of the first year period?
2.If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $120,000, what is the carrying value of the bonds?
3.Randle Inc. issues $310,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2017.
4.Price Company issues $350,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2017.
5.Sweetwood Company issues $4,000,000, 10-year,8% bonds at95, with interest payable annually on January 1. The straight-line method is used to amortize bond discount.
6.On January 1, 2017, Klosterman Company issued $560,000,14%, 10-year bonds at face value. Interest is payable annually on January 1.
7.On January 1, 2017, Forrester Company issued $226,000,10%, 5-year bonds at face value. Interest is payable annually on January 1
8.Whitmore Company issued $620,000of 5-year,7% bonds at99on January 1, 2017. The bonds pay interest annually
9.The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accounts.
10.On May 1, 2017, Herron Corp. issued $560,000,12%, 5-year bonds at face value. The bonds were dated May 1, 2017, and pay interest annually on May 1. Financial statements are prepared annually on December 31.
11.The following section is taken from Mareskas balance sheet at December 31, 2017
12.Presented below are three different lease transactions that occurred for Ruggiero Inc. in 2017. Assume that all lease contracts start on January 1, 2017. In no case does Ruggiero receive title to the properties leased during or at the end of the lease term.
13.Paris Electric sold $3,800,000,8%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at103.
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