User Account

All Pages

Calculate the amount to be recorded for interest expense

Assignment Help Financial Accounting
Reference no: EM132853032

Question - On November 1, 2019, Fields/Russell Corporation issued $800,000 worth of ten-year, 9 percent bonds.? The semiannual interest dates are November 1 and May 1. Because the market interest rate of similar investments was 8.5 percent, the bonds were issued at a price of 103.

Ignoring year-end accruals, prepare entries in journal form without explanations to record the bond issue on November 1, 2019, and the payments of interest and amortization of premium on May 1 and November 1, 2019.

Use the effective interest method of amortization. Round answers to the nearest dollar.

A. Show the journal entry required to record the issue of the bonds.

B. Show the journal entry required to record the interest payment on May 1, 2020.

C. Calculate the amount to be recorded for interest expense on November 1, 2020.

Reference no: EM132853032

Questions Cloud

What responsibility might be in supporting hernandez family : What responsibilities, as a social worker, might be in supporting the Hernandez family in addressing their child welfare needs through the accessibility.
Discrete math-counting problem : Discrete Math - Counting Problem (Combination/Permutation/etc) How many ways are there to arrange 6 indistinguishable ball into 20 distinguishable bins?
What is the probability that the sample mean : If you select a random sample of n=100?, what is the probability that the sample mean will be less than ?$300,000??
Compare the benefits and shortfalls of permanency planning : Explain whether research supports the assumption that foster care is harmful for children, as presented by the cornerstone argument for family preservation.
Calculate the amount to be recorded for interest expense : Show the journal entry required to record the issue of the bonds. Calculate the amount to be recorded for interest expense on November 1, 2020
Probability that all 6 balls drawn from the urn are green : What is the probability that all 6 balls drawn from the urn are green? Round your answer to three decimal places.
Write the fitted regression equation : Write the fitted regression equation. (Round your answers to 4 decimal places. Negative values should be indicated by a minus sign.)
Explain interpretation of what occurred in the dialogue : Explain your interpretation of what occurred in the dialogue, including social work practice theories, and explain how it might relate to diversity
Formula for sample and formula for population variance : What is the major difference between the formula for sample variance and the formula for population variance (be sure to include specifically what is different)

Reviews

Write a Review

Financial Accounting Questions & Answers

  Balance sheet based on the restate financial statements

I need a Common-Sized Balance Sheet and Income Statement both Horizontal and Vertical based on the Restate Financial Statements for a company

  Department supply to assist management with this decision

The top management of a fast-food hamburger chain is considering installing point-of-sale machines that will allow customers to pay for food with an automated teller-machine card. Previously, the restaurant has accepted only cash. What information co..

  Prepare the entry to record the interest expense at october

Prepare the entry to record the interest expense at October 1, 2020. Assume that accrued interest payable was credited when the bonds were issued

  What is the conversion cost per equivalent unit in june

What are the equivalent units for direct materials and conversion costs, respectively, for June? What is the conversion cost per equivalent unit in June?

  Compute hirams maximum cost recovery deduction

Compute Hiram's maximum cost recovery deduction for 2018. In making your computation, assume that taxable income before depreciation exceeds $ 1,000,000

  What the intrinsic value of the option at april is

What The intrinsic value of the option at April 1, 2020 is? At June 30, 2020, Gamma's quarter end, the adjusting entry would be

  What is the firms overall cost of funds

Desert Trading Company has issued $100 million worth of long-term bonds at a fixed rate of 7%. The firm then enters into an interest rate swap where it pays LIBOR and receives a fixed 6% on notional principal of $100 million. What is the firm’s overa..

  Why does the market price of a bond vary over time

Why does the market price of a bond vary over time? When is it acceptable to use the straight-line method to amortize a bond discount or premium?

  Calculate the weighted average number of common shares

The company issued its 2021 financial statements on April 30, 2022. Calculate the weighted average number of common shares

  How much would overwood be paid for an hours

If this was a BELO plan with a pay rate of $22.00 per hour and a maximum of 53 hours, how much would Overwood be paid for 48 hours?

  Calculate the value of a non-callable fifteen-year bond

Calculate the value of a non-callable 15-year bond with a face value of $1,000 and a coupon rate of 8% compounded semi-annually

  Discuss the monetary tools available to the federal reserve

Describe how expansionary activities conducted by the Federal Reserve impact credit availability, the money supply, interest rates, security prices

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd