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Diano4ka-milaya [45]
1 year ago
13

brussels enterprises issues bonds at par dated january 1, 2021, that have a $2,700,000 par value, mature in four years, and pay

6% interest semiannually on june 30 and december 31. 1. record the entry for the issuance of bonds for cash on january 1. 2. record the entry for the first semiannual interest payment and the second semiannual interest payment. 3. record the entry for the maturity of the bonds on december 31, 2024 (assume semiannual interest is already recorded).
Business
1 answer:
Nadusha1986 [10]1 year ago
6 0

The journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,700,000, Credit Bonds payable $2,700,000.

<h3>Journal entry</h3>

1. January 1

Debit Cash $2,700,000

Credit Bonds payable $2,700,000

(To record  issuance of bonds for cash)

2. June 30

Debit bond  Interest expense $81,000

Credit Cash $81,000

($2,700,000×6%/2)

(To record  first semiannual interest payment)

December 31

Debit bond  Interest expense $81,000

Credit Cash $81,000

($2,700,000×6%/2)

(To record second semiannual interest payment)

3. December 31, 2021

Debit Bonds payable $2,700,000

Credit Cash $2,700,000

(To record  payment of bonds payable)

Therefore the journal entry for the issuance of bonds for cash on January 1 is: Debit Cash $2,700,000, Credit Bonds payable $2,700,000.

Learn more about journal entries here:brainly.com/question/14279491

#SPJ1

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Answer and Explanation:

The calculations are given below:

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= $67,000

And,

Current ratio = 1.6:1

So,

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b.  Short term investment is

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4 0
3 years ago
Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on
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Answer:

Acquisition cost

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b. Trademark: $4,000

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Annual Amortization charge = Cost / Estimated life = $6,000 / 12 = $500

b. Trademark: $0. Since it has an indefinite life.

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3. Balance Sheet (Partial)

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SartainC orporation is planning its annual budget and has the following beginning and ending inventory levels planned for the ye
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Answer:

c.530,000 grams

Explanation:

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(170,000+32,000)

Less beginning finished goods inventory (22,000)

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  Therefore, global economy is the correct answer.

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