Prepare the journal entry to record the issuance

Assignment Help Accounting Basics

Reference no: EM13124979

On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.

Requirements:
A. Prepare the journal entry to record the issuance of the bonds on January 1, 2010.
B. Prepare the journal entry to record the first interest payment on December 31, 2010. Use straight-line amortization. No adjusting journal entries have been made during the year.

Reference no: EM13124979

Questions Cloud

Case involving a taxpayer : The Federal Circuit Court has ruled that wholesale distribution and retail sales, even of the same product, constitutes distinct businesses. In a case involving a taxpayer from another circuit, the Tax Court has ruled that such costs invariably sh..

Solution of a strong acid : Are the following statements about a 1.0 M solution of a strong acid, HA, true or false? [A-] › [H+]: True/False

Solving inequalities and linear systems of equations : Find the solution to the following system of linear equations: Solve the following absolute value inequality: ½ |x - 2|

Inventories reflected by accounting records : Carly Manufacturing Company's accounting records reflect the following inventories:

Prepare the journal entry to record the issuance : On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.

Currency of denomination : Does the currency of denomination depend on the currency of the parent or the currency of the business unit which will be responsible for servicing the debt?

What is bobs actual deduction for miscellaneous itemized : Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..

Linear equations and systems of equations with parameters : Find an equation in the form y=ms +b (where possible) for each line. Solve each system of equation. Let z be the parameter.

Delta systems the element cesium : Chemistry: Delta Systems The element cesium (Cs) freezes at 28.4?, and its molar enthalpy heat of fusion is AHfus=2.09 Kj/mol

User Account

All Pages