Answer and Explanation:
The Journal entry is shown below:-
Bond interest expense Dr, $18,610
To Cash $18360
To Discount on bonds $250
(Being first interest payment is recorded)
For recording the first interest payment we simply debited the bond interest expenses as it increased the expenses and we credited cash and discount on bonds as it reduced the assets and the discount should be credited
Working Note
Total discount on bonds issued = Sold bonds - Received proceeds
= $408,000 - $403,000
= $5,000
Amortization of Semi Annual Discount = Total discount on bonds issued ÷ Number of periods
= $5,000 ÷ 20
= $250
Cash interest paid = Sold bonds × Interest rate × From Jan to June ÷ Total number of months in a year
= $408,000 × 9% × 6 ÷ 12
= $18,360
Total Interest expense = Cash interest paid + Amortization of Semi Annual Discount
= $18,360 + $250
= $18,610
Answer:
Explanation:
Production Budget = Sales+Ending Inv-Op Inv
= 75000+10000-20000 = 65000 units
Ending Inv is Three Month Production = 65000*(3/12) = 16250 unit
Ending Inv = 16250unit*5 Feet/unit =81,250 feet
Mat Reqd for 65000unit = 65000*5 = 325,000 feet
SO Mat Reqd in 2008 = Mat Reqd + Ending Inv -Op Inv
= 325000 + 81250 - 50000
= 356,250 feet
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