Raekwon3232
07.05.2020 •
Business
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $3,900,000 of 10-year, 6% bonds at a market (effective) interest rate of 4%, receiving cash of $4,537,708. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank.
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Ответ:
Please see journal entries bellow;
On April 1,
Issuance of bond.
Cash account Dr $4,537,708
To bonds payable account
$3,900,000
To premium on bonds payable
$537,708
Explanation:
Daan corporation issued $3,900,00 of 10-year, 6% bonds at a market(effective) interest rate of 4% receiving cash of $4,537,708.
Bond issuance is ;
Cash received - face value= premium.
Journal Entries
On April 1,
Issuance of bond.
Cash account Dr $4,537,708
To bonds payable account
$3,900,000
To premium on bonds payable
$537,708
Ответ:
Partnership
Explanation: