# accounting

posted by .

I have figured this out I just want to make sure I am correct in my answers.

1.On January 2, 2007, A company issued \$100,000 of 5%, 10 year bonds. The bonds will mature in ten years. The bonds were sold for for 95% (or .95 of par) and will pay interest semi-annually, or twice a year, on June 30 and Dec 31. Record the journal entries to record the issuance of the bonds and the interest payments to be made for the year 2011.

2.If you were asked to prepare the balance sheet for the company as of the issue date (January 2, 2011) and as of December 31, 2011 (after the second interest payment was made), how should the liability related to this long term bond payable be disclosed?

3.Record the payment of the above bonds on the maturity date (10 years after the issue date).

## Respond to this Question

 First Name School Subject Your Answer

## Similar Questions

1. ### accounting

Ignoring income taxes compute the amount of loss, if any, to be recognized by Banno as a result of retiring the \$900,000 of bonds in 2007 and prepare the journal entry to record the retirement. On January 2, 2002, Banno Corporation …
2. ### Business Maths

Please how do i calculate this problem: The Raymore Company issued 10-year bonds on January 1, 2007. The 15% bonds have a face value of \$100,000 and pay interest every January 1 and July 1. The bonds were sold for \$117,205 based on …
3. ### Intermediate Accounting

The 10% bonds payable of Klein Company had a net carrying amount of \$570,000 on December 31, 2006. The bonds, which had a face value of \$600,000, were issued at a discount to yield 12%. The amortization of the bond discount was recorded …
4. ### accounting

JTD Corporation issued \$800,000 of 20-year, 12% bonds on January 1, 2006, when the market rate of interest was 10%. Interest is payable annually on December 31. Use the present values tables shown via the textbook link above. a. Calculate …
5. ### accounting

On January 1, 2004, \$100,000,000 in 7.5%, 10-year callable bonds were issued at 96.64% to yield an effective rate of 8.0%. Callable at 103; interest paid annually on January1. If the bonds are called on April 1, 2006, what are the …
6. ### accounting

On January 2, 2007, a company issued \$100,000 of 5%, 10 year bonds. The bonds will mature in ten years. The bonds were sold for for 95% (or .95 of par) and will pay interest semi-annually, or twice a year, on June 30 and Dec 31. Record …
7. ### Accounting

Alliant Corporation sold \$100,000,000 face value 8% bonds. The bonds mature in 20 years and pay interest semiannually. The going market rate of interest on bonds of similar risk is 6%. How much will Aliant receive upon the sale of …
8. ### accounting

On December 31, 2013, a company issues bonds with a par value of \$600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bonds sold at \$592,000. The company uses the straight-line …
9. ### accounting

On December 31, 2013, a company issues bonds with a par value of \$600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bonds sold at \$592,000. The company uses the straight-line …
10. ### Accounting

During the year, Shor Company issued several series of bonds. For each bond, record the journal entry that must be made upon the issuance date. (Round to the nearest dollar; a calculator is needed for 2 and 3.) On January 20, a series …

More Similar Questions