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Category > Accounting Posted 18 Jun 2017 My Price 7.00

If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually

1. If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually, what is the amount of the interest payment at the end of the first year period? 7%*$800,000=$56,000 2. If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $120,000, what is the carrying value of the bonds? 900,000-120,000=$780,000 3. Randle Inc. issues $310,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2017.

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Alpha Geek
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Status NEW Posted 18 Jun 2017 06:06 AM My Price 7.00

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file 1497767181-597001_1_bond-accounting.docx preview (1132 words )
1-----------. I-----------f a----------- 7%-----------, 1-----------0-y-----------ear-----------, $-----------800-----------,00-----------0 b-----------ond----------- is----------- is-----------sue-----------d a-----------t f-----------ace----------- va-----------lue----------- an-----------d i-----------nte-----------res-----------t i-----------s p-----------aid----------- an-----------nua-----------lly-----------, w-----------hat----------- is----------- th-----------e a-----------mou-----------nt -----------of -----------the----------- in-----------ter-----------est----------- pa-----------yme-----------nt -----------at -----------the----------- en-----------d o-----------f t-----------he -----------fir-----------st -----------yea-----------r p-----------eri-----------od?----------- 7%-----------*$8-----------00,-----------000-----------=$5-----------6,0-----------00 ----------- 2.----------- If----------- th-----------e B-----------ond-----------s P-----------aya-----------ble----------- ac-----------cou-----------nt -----------has----------- a -----------bal-----------anc-----------e o-----------f $-----------900-----------,00-----------0 a-----------nd -----------the----------- Di-----------sco-----------unt----------- on----------- Bo-----------nds----------- Pa-----------yab-----------le -----------acc-----------oun-----------t h-----------as -----------a b-----------ala-----------nce----------- of----------- $1-----------20,-----------000-----------, w-----------hat----------- is----------- th-----------e c-----------arr-----------yin-----------g v-----------alu-----------e o-----------f t-----------he -----------bon-----------ds?----------- 90-----------0,0-----------00------------120-----------,00-----------0=$-----------780-----------,00-----------0 -----------3. -----------Ran-----------dle----------- In-----------c. -----------iss-----------ues----------- $3-----------10,-----------000-----------, 1-----------0-y-----------ear-----------, 8-----------%
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