1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ICE Princess25 [194]
2 years ago
6

On January 1, a company issues bonds dated January 1 with a par value of $290,000. The bonds mature in 5 years. The contract rat

e is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $302,371. The journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.)
Business
1 answer:
Alenkasestr [34]2 years ago
5 0

Answer:

the journal entry used to record the issuance of the bonds is:

January 1, $290,000 in bonds payable issued

Dr Cash 302,371

    Cr Bonds payable 290,000

    Cr Premium on bonds payable 12,371

since the premium will be amortized using the straight line method, the $12,371 must be divided by 10 (10 semiannual payments) = $1,237.10

the journal entry required to record the first coupon payment is:

June 30, first interest payment on bonds payable

Dr Interest expense 8,912.90

Dr Premium on bonds payable 1,237.10

    Cr Cash 10,150

You might be interested in
Two traditional economies are trying to industrialize. The leaders of the first favor a command economic system. The leaders of
attashe74 [19]

Answer:

In the country that promotes free-market economy is expected to start seeing firms arriving in this country and invest in those activities where this country has a comparative advantage.

Explanation:

This would lead to an efficient allocation of productive resources taking the economy to optimum production. The technology and tools will rapidly spread, and the industrialization process will be achieved. In the other country, investment and technology implementation is lead by the government allocating resources inefficiently and delaying industrialization.

8 0
3 years ago
The contact lens company, Here's Clear Eye, sold thousands of pairs of contact lenses in Kenya. The lenses were defective and re
krok68 [10]

Answer:

B. The South Carolina cases will be dismissed on the grounds of forum non conveniens

Explanation:

4 0
3 years ago
Which of the following is NOT considered to be one of the three primary functions that all organizations​ perform? A. research a
lidiya [134]

Answer: Research and development

Explanation: Primary functions are those functions which ensures that the essential requirements to operate the business efficiently are met. These require monitoring by the second level managers of the organisation.

Production, marketing and finance are the basic needs of an organisation for living in the market. Research and development is not an activity without which the business won't be able to run.

Thus, we can conclude that the right answer is Option A.

6 0
2 years ago
Jorge has a new job in an office. Which of the following safety procedures will he most likely need to learn?​
Mama L [17]
There isn’t any safety procedures on here and it says which of the following
6 0
3 years ago
Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airli
marta [7]

Answer:

The correct answer would be option B, GreyHound Bus System.

Explanation:

Greyhound Bus System is considered to be the generic competitor for Southwest Airline. Generic competitors are the ones who have different products or provide different services but the purpose of the product or service remains the same.

So the Greyhound Bus System and Southwest Airline both provide different services, as Greyhound bus system allows travelling through bus while Southwest Airlines allow travelling through aircraft, but the purpose of both the companies remain same, which is to travel or to transport people from one place to another. So these both companies will be the generic competitor of each other.

6 0
2 years ago
Read 2 more answers
Other questions:
  • The objective of _____ is to build sales, market share, and profits quickly by providing an incentive to purchase the product im
    5·1 answer
  • A company reported cost of goods manufactured of 50,000 on the statement of cost of goods manufactured. If the beginning balance
    10·1 answer
  • Fabrication, Inc, makes steel forms that are substandard. Geo Manufacturing Company has never bought or used a Fabrication form,
    12·1 answer
  • For a cost to be considered allocable to a contract, it must be a cost that is incurred specifically for a contract, or a cost t
    6·1 answer
  • Miller Corporation has a premium bond making semiannual payments. The bond pays a coupon of 10 percent, has a YTM of 8 percent,
    7·1 answer
  • HELP ASAP !
    14·2 answers
  • Building Big Box is a home improvement store based in Kansas and has been responsible for introducing some of the most innovativ
    10·1 answer
  • Hello can someone help me with this because i'm confused about it
    5·2 answers
  • Media Literacy gives you the ability to do what? A. operate complicated technologies, B. Use media production tools to craft mes
    12·1 answer
  • As a general rule what percentage of debt to gdp
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!