First annual interest payment- issuance of the bonds

Assignment Help Financial Accounting
Reference no: EM13747351

On the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were sold for $2,125,000. Present entries to record the following transactions for the current fiscal year:

a. Issuance of the bonds.

b. First annual interest payment.

c. Amortization of bond premium for the year, using the straight-line method of amortization.

Reference no: EM13747351

Questions Cloud

Exchange information about organizations : How have social media changed the way we exchange information about organizations and their products and services? How can services such as Facebook be used to communicate business proposals, plans, and reports?
Evaluate the projected cost and time savings : Evaluate three pros and three cons of e-prescribing. Summarize the e-prescription standards as described by the National Council for Prescription Drug Programs. Evaluate the projected cost and time savings as estimated by the United States Department..
Beginning and ending accounts receivable balances : If net purchases are $200,000 and beginning and ending Accounts receivable balances are $15,000 and $20,000, respectively, cash paid for purchases is:
How may your species have evolved : How may your species have evolved and Describe the mechanism of speciation, in general, and apply the mechanism to the species you researched
First annual interest payment- issuance of the bonds : On the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were sold for $2,125,000. Present entries to record the following transactions for the current fiscal year:
Specific identification and weighted average cost method : A Merchandiser’s greatest expense is cost of goods sold. Cost of goods sold is calculated based on the different inventory costing method that is used by the company: FIFO, LIFO, Specific identification method, or weighted average cost method.
Determine amount maggie should include in her gross income : Maggie is a cash method taxpayer. In 2014, Maggie received salary of $88,000 and in mid-December, her employer announced that Maggie would receive an additional year-end bonus of $10,000 in cash and a new TV worth $2,000. Maggie did not receive her b..
Expertise and limitations is extremely valuable information : Self-reflection is a part of success in both your personal and professional life. Many people don't stop to think and analyze their own skill set. It's important to recognize that understanding your own expertise and limitations is extremely valuable..
About the prepare journal entries : Prepare journal entries. Show all steps and work and DO not answer if you dont know what your doing, if you have to look up how to do this you should not be answering thank you ahead of time for time and consideration.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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