Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following data to answer the next 3 questi

Use the following data to answer the next 3 questions: On January 1, 2023, Systems...

50.1K

Verified Solution

Question

Accounting

Use the following data to answer the next 3 questions: On January 1, 2023, Systems Corporation issues $60,000 of 7%, 15-year bonds, with interest payable semiannually on June 30 and December 31 each year. The market interest rate is 8%. The issue price of the bonds is $54,812.

1- What journal entry should the company make to record the bond issue on January 1,2023?

2- What journal entry should the company make to record the first semiannual interest payment on June 30, 2023? (Rounds amounts to the nearest whole dollar.)

3 - What will be the carrying value of the bonds at December 31, 2037, the maturity date of the bonds?

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

Let x be a random variable that represents the weights in kilograms (kg) of healthy adult...

Statistics
Q

Matching Match the ocular term in Column I with the definition in Column II.                   Column I Column II 1. _____________ palpebra a....

Medical Sciences
Q

Find the autocorrelation sequence for discrete signal c[n]=[=0.8,1.6,0,2.4,-4]. 0 is the origin. Graph each step and...

Electrical Engineering
Q

Develop and explain each step the general equation of heat transfer by conduction in a constructive way...

Mechanical Engineering
Q

Theorem two curves with the same intrinsic equation are necessary congruent I need prove this theorem with details...

Advance Math
Q

2 A concave mirror of focal length f produces a real image times the size...

Physics
Q

AB is a cylinder of length 1 0 m filled with a thin flexible adibatic...

Physics
Q

15 A uniform rope of length L and mass m hangs vertically from a rigid...

Physics
Q

A company makes paper labels for cans of soup As shown below each can is...

Geometry
Q

Preferred and Common Stock Dividends Delafield Corporation has a single class of common stock...

Accounting
Q

EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Required information Problem 8-70 (LO 8-4) (Static) [The...

Accounting
Q

You have just purchased a car and taken out a $53,000 loan. The loan has...

Accounting