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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

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3 years ago
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According to goal-setting theory, in order for goals to enhance motivation and performance they must be Multiple Choice recogniz
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<h3>What is motivation ?</h3>

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2 years ago
Assume you are in the 35 percent tax bracket and purchase a municipal bond with a yield of 7.25 percent. Use the formula present
balu736 [363]

Answer:

before tax corportate bond equivalent: 11.15%

Explanation:

The municipal bond are tax-free making them more attractive than normal corporate bonds.

thus, the municipal bond rate should be compare with the after tax rate of a corporate bond:

before tax rate ( 1 - tax rate) = after tax rate

<u>For this case:</u>

the after tax rate is 7.25%

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3 0
3 years ago
Jackson Company manufactures three products from a joint process. Joint costs for the year amounted to​ $300,000. The following
son4ous [18]

Answer:

Joint costs allocated to Product Y = $60,000

Explanation:

Given:

Particular     Product Units     Produced Sales

X ​                       5,000               ​$70,000

Y                        ​3,000 ​              $30,000

<u>Z ​                       2,000 ​              $100,000</u>

<u>Total                   10,000         </u>

Joint costs allocated to Product Y = (Total Joint costs × Y's total unit) / Total units produced

Joint costs allocated to Product Y = ($300,000 × 3,000) / 10,000

Joint costs allocated to Product Y = $90,000

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3 years ago
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