Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please anser asap and 4 question 6 Bond Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 103. The journal entry to
please anser asap and 4 question
6 Bond Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 103. The journal entry to record the issuance will show a A) debit to Cash of $5,000,000. B) credit to Premium on Bonds Payable for $150,000. c) credit to Bonds Payable for $5,030,000 D) credit to Cash for $5,150,000. E) None of the above 7 Premium on Bonds Payable A) has a debit balance B) is a contra account. C) is considered to be a reduction in the cost of borrowing. D) is deducted from bonds payable on the balance sheet. E) None of the above 8 If bonds payable were issued initially at a discount, the carrying date will be calculated value of the bonds at a balance sheet by A) deducting the amount of discount amortized between the issuance B) deducting the balance of unamortized bond discount from the c) adding the balance of unamortized bond discount to the face D) adding the amount of discount amortized between the issuance E) None of the above date and the balance sheet date from the face value. face value. value. date and the balance sheet date to the face value. 9 When bonds have been issued at a premium, the periodic amortization of the premium will A) increase the carrying value of the bonds. B) have no effect on the carrying value of the bonds. C) decrease the carrying value of the bonds. cause the carrying value always to equal the face value of the bonds. E) None of the above Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started