User Account

All Pages

Show necessary journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM132871837

Question - On January 1, 2010, Busted Business Corporation issued ten-year, 8 percent bonds with a face value of $500,000. The semiannual interest dates are June 30 and December 31. The bonds were issued for $437,740 to yield an effective annual rate of 10 percent. The accounting year ends on December 31. Prepare entries in journal form without explanations to record the bond issue on January 1, 2010, and the payments of interest and amortization of discount on June 30 and December 31, 2010.

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

Required - Show necessary journal entries to record the above transaction.

Reference no: EM132871837

Questions Cloud

How much did Willis Towers Watson have : The assets totaled $35,426. How much did Willis Towers Watson have in long-term liabilities on December 31, 2019
What is the net impact on its net income : Assuming that brandt, entered into a forward contract to sell 10 million South Korean won on Decmeber 1, 2020, What is the net impact on its net income
ACC4017 Accountant in the Business Environment Assignment : ACC4017 Accountant in the Business Environment Assignment Help and Solution, University of Bolton - Assessment Writing Service
Why is position classification more art than science : Why is position classification more "art" than "science?" What is the Classification Act of 1923? 1949? What is the distinction between job descriptions
Show necessary journal entries to record the transactions : Busted Business Corporation issued ten-year, 8 percent bonds with a face value of $500,000. Show necessary journal entries to record the above transaction
What amount of the previously recognized : What amount of the $5,248,000 previously recognized compensation expense should be adjusted upon expiration of the stock options
How is the current government structured in country : How do the structures of government and the other characteristics compare with the characteristics of democratic nations such as France
Description of diversity and/or cultural competence : Description of diversity and/or cultural competence considerations in your agency. An explanation of how diversity and/or cultural competence might reflect
Provide the depreciation entry for this plant item : Simpson Ltd purchased a piece of plant at a cost of $200,000. Provide the depreciation entry for this plant item at 30 June 2020

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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