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inna [77]
3 years ago
12

On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on Januar

y 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (c) Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Ede4ka [16]3 years ago
3 0

Answer and Explanation:

Journal entry to record the issuance of the bonds.

A.

Jan 1

Dr cash $500,000

Cr bonds payable $500,000

B. Journal entry to record the accrual of the interest

Dec 31 2020

Dr Interest expense $25,000

Cr Interest Payable $25,000

C. Journal entry to record the payment of interest on January 1, 2021.

Dr Interest expense $25,000

Cr Cash $25,0000

Interest expense $500,000×10%×1/2=$25,000

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Answer:

C. Limited ability to manage and coordinate larger amounts of inputs.

Explanation:

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3 years ago
Marion Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock
statuscvo [17]

Answer:

$40,000

Explanation:

Holders of preferred stocks are given preference in terms of dividend distribution. However, the amount of dividend that they will share in the $65,000 dividends declared by the board of directors is only limited to 5% of the total par value (5,000 shares x $100 = $500,000) of preferred stocks, which in this case is only $25,000 ($500,000 x 5%). After deducting the dividends for preferred stocks, the remaining dividends of $40,000 ($65,000 - $25,000) will be distributed to holders of common stocks.

8 0
3 years ago
The labor force is comprised of those who are working for any number of hours (the employed) and those who are out of work but a
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Answer:

Labor force 19,300

Labor Force participation Rate: 64.33%

Explanation:

working population                                  17,700

unemployed actively looking for work <u>    1,600  </u>

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This will be the percentage of the population over 16 year which, are actively looking for a job or are already hired in one.

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3. What does SHENNS stand for?<br> S<br> H<br> E<br> N<br> N<br> S
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Answer:

Shoe

Hologram

Excited

No

Never

Sister

Explanation:

5 0
3 years ago
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