Journal entry to record the issuance of bonds and interest

Assignment Help Finance Basics
Reference no: EM1310827

Journal entry to record the issuance of bonds and interest payment on such bonds and Calculation of Bond interest expense.

1.Martin Corp issued $3,000,000 of 8% 20-year bonds payable at par value on Jan 1, 2007. Interest is payable each June 30 and Dec 31. Prepare the general journal entry to record the issuance of the bonds Jan 1, 2007. Prepare the general journal entry to record the first interest payment on June 30, 2007.

2.A company issued 5-year 7% bonds with a par value of $100,000. The company received 97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is :

a) $3,294.70

b) $3,500

c) $3,705.30

d) $7,000.00

e) $7410.60

Reference no: EM1310827

Questions Cloud

Analysis of the business options : Summary analysis of the business options, selecting optimum business portfolio
Amount of outstanding checks : Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
Computation of interest payable on bonds and journal entry : Computation of interest payable on Bonds and Journal entry to record issuance of the bond
Strengths and weaknesses of form 10 k : Analyze the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they provide relevant and reliable information to investors.
Journal entry to record the issuance of bonds and interest : Journal entry to record the issuance of bonds and interest payment on such bonds and Calculation of Bond interest expense
Violence against women-global issues : Event topics examples might comprise violence against women, global issues, gender differences in intimate violence, theories of family violence and so on.
Calculate the portfolio beta and then apply sml : Mary has a three-stock portfolio and is interested in estimating its overall return next year. She has $25,000 invested in Orange Corp-Calculate the portfolio beta and then apply the SML.
What in accounting treatment on prior period items : What in Accounting Treatment on Prior Period Items and explain where in each of the following items should appear in the financial statements of a corporation
Role of the computer in graphing the scatter diagram : Role of the Computer in graphing the Scatter diagram.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

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