Doyle Company issued $500,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $56,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1.
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- Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end of the year, the company will record ________. A. a credit to cash for $28,733 B. a debit to interest expense for $31,267 C. a debit to Discount on Bonds Payable for $1,267 D. a debit to Premium on Bonds Payable for $1.267Diana Inc. issued $100,000 of its 9%, 5-year bonds for $96,149 when the market rate was 10%. The bonds pay interest semi-annually. Prepare an amortization table for the first three payments.On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. What is the journal entry to record the issuance of the bonds?
- Doyle Company issued $390,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. Note: Amounts to be deducted and cash outflows should be indicated with minus sign. DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities ces Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash…Doyle Company issued $500,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $125,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.)Doyle Company issued $390,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the balance sheet for Year 2 and Year 3. DOYLE COMPANY Balance Sheet As of December 31 Assets Total assets Liabilities Total liabilities Stockholders' equity Year 2 Year 3
- Doyle Company issued $362,000 of 10-year, 5 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52, 500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Journal entry worksheet Note: Enter debits before credits. 4 Date Dec 31 5 ü 6 Record the interest expense for bonds payable for Year 2. General Journal C 7 8 Debit Credit >Doyle Company issued $235,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $46,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2.On the first day of its fiscal year, Jacinto Company issued $6,500,000 of six-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Jacinto Company receiving cash of $6,194,985. a. Journalize the entries to record the following: Issuance of the bonds. First semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. Second semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. b. Determine the amount of the bond interest expense for the first year. Round your answer to the nearest dollar. c. Why was the company able to issue the bonds for only $6,194,985 rather than for the face amount of $6,500,000? The market rate…
- On the first day of its fiscal year, J Co. issued $1,000,000 of five-year, 8% bonds to finance the remodeling of an office building. Interest is payable semiannually. The bonds were issued at an effective interest rate of 11%, resulting in J Co. receiving cash of $886,935. Give the account to be debited, the account to be credited, and the amount to journalize the amortization of the discount/premium at the end of the first year using the straight-line method of amortization. (Amortization of discount/premium is to be recorded annually.) All amounts are to be rounded to the nearest dollar. DATE DESCRIPTION PREF DEBIT CREDIT (1) ? (2) ? Group of answer choices Interest expense debited (1) $11,306; Discount on Bonds Payable credited (2) $11,306 Interest expense debited (1) $11,306; Premium on Bonds Payable credited (2) $11,306 Discount on Bonds Payable debited (1) $11,306; Premium on Bonds Payable (2) credited $11,306…On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Chin Company receiving cash of $9,594,415.a. Journalize the entries to record the following:1. Issuance of the bonds.2. First semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. Round your answer to the nearest dollar.3. Second semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. Round your answer to the nearest dollar.b. Determine the amount of the bond interest expense for the first year.c. Explain why the company was able to issue the bonds for only $9,594,415 rather than for the face amount of $10,000,000.On the first day of its fiscal year, Chin Company issued $13,200,000 of five-year, 6% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Chin receiving cash of $12,129,308. a. Journalize the entries to record the following: Issuance of the bonds. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. 1. 2. 3. b. Determine the amount of the bond interest expense for the first year.$ c. Why was the…