Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, panda express issued bonds payable w

On January 1, Panda Express issued bonds payable with a par value of $400,000 due...

70.2K

Verified Solution

Question

Accounting

On January 1, Panda Express issued bonds payable with a par value of $400,000 due in 10 years and paying interest at a contract rate of 7%. The bonds pay interest semiannually on June 30 and December 31. The average market rate for bonds with similar risk was 7.5%, so the sale price of the bond was $396,000. Panda Express uses the straight-line method to amortize any premium or discount. The journal entry to record the first interest payment would be:

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Eclipses and Moon Phases Activity This lesson highlighted eclipses and lunar phases. If you had...

Biology
Q

Please match each part in a coal-fired power plant with its description below.A) Boiler.B) Turbine.C)...

Biology
Q

1.(a) What would the biological growth curve look like if a critical stock size exists below...

Economics
Q

What are some key differences between college level academic writing and writing an email to a...

Statistics
Q

Case Study: Management, Leadership, and the Internal Organization: TripAdvisor TripAdvisor's mission is to empower travelers around the...

General Management
Q

In A Study of Prisoners and Guards in a Simulated Prison there were many ethical...

Biology
Q

A metal rod of length 2m has areas 2A and 100 C cross sectional A...

Physics
Q

Please answer the question e), f), and g). Thank you ...

Accounting
Q

LaBouche Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating...

Accounting
Q

Calculate the following ratios for Columbia Sportswear and for Under Armour, Inc. for 2017. ...

Accounting
Q

Cullumber Discount Retail Corporation sells its goods on terms of 2/10,n/30. It has an accounts...

Accounting
Q

Cornice Company bought machinery at a cost of $12,000. If its salvage value is $3,000...

Accounting