Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pretzelmania, inc., issues 7%, 15-year bonds with

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $54,000 for $59,245 on...

60.1K

Verified Solution

Question

Accounting

image
image
image
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $54,000 for $59,245 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the bond issue on January 1, 2021. Debit Credit Note: Enter debits before credits. Date General Journal January 01, Cash 2021 Bonds Payable Premium on Bonds Payable 59,245 54,000 59,245 Record entry Clear entry View general journal View transaction list Journal entry worksheet

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

Geometry
1.2K views

5 B bisects segment AC Prove BC AC

Finance
1.2K views

If you operated for 325 days/year, assuming 50 burgers sold/day; VC = $3.50; FC = $65.3K/year;...

Physics
1.2K views

In a Young's double-slit experiment the wavelength of light used is 462 nm (in vacuum), and...

Biology
1.2K views

a In what ways was Reconstruction successful b In what ways was Reconstruction unsuccessful c...

Biology
1.2K views

Choose the correct answer The death of a character like Okonkwo signifies O the end...

Basic Math
1.2K views

A man starts walking north at 4 ft/s from a point P. Five min-utes later...

Statistics
1.2K views

rently takes users a mean of 11 minutes to install the most popular computer prog...

Algebra
1.2K views

6 Shayna completes of a project in of an hour How many hours will it...

Algebra
1.2K views

7 2n 7n 5

Accounting
1.2K views

Multiple Choice Question 101 Serene Stereos has the following inventory data: Nov. 1 Inventory 36...

Accounting
1.2K views

Ian Mapp sells an entire passive activity property. The property has an adjusted basis of...

Accounting
1.2K views

Job Order vs. Process Costing: Describe why you feel that job order or process costing...