3 years ago

The department within a company that records, measures, and reports monetary transactions is called ______________.

Business

1 answer:

Gnesinka [82]3 years ago

3 0

I believe you’re thinking of the accounting department

hope this helps (:

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Answer:

Explanation:

Issue price of bond = $330,654

Face Value = $272000

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Journal entry for bond issuance:

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Bonds Payable $272000

Premium on Bonds payable $58654

(Being bond issued at a premium of $58654)

As per effective interest method, interest expense = market rate * book value of bond

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Premium to be amortized on interest date = $25840 - $21492.5 = $4347.5 or $4348

Journal entry for interest payment on December 31:

Account Financial Issuance Interest paid

Statement

Bonds payable Balance Sheet 272000

Discount on Bonds payable NA NA NA

Interest expense Income Statement 0 21492.5

Premium on Bonds Payable Balance Sheet 58654 -3813

Note: Interest expense for the year:

Interest to be paid ($272000 * 9.5%) 25840

Less: Amortization of Premium (58654/6.5) 3813

Interest expense 21492.5

Journal entry:

Interest expense Dr. 21492.5

Premium on Bonds payable Dr. 3813

Cash Account 25306

Note: here, it has been premium has been written on Straight line basis.

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