Cardinals Company: create the journal entries...
Not what you're looking for?
On 8/1/05, Cardinals Co issued 600 of its $1,000 face value, 6%, 7-year bonds at {106} plus accrued interest. The bonds were authorized on 4/1/05, and pay interest each 4/1 and 10/1. The straight-line method is used to amortize any discount or premium.
Give the journal entry on :
1) 8/1/05, to issue the bond
2) 10/1/05, to make the FIRST interest payment
3) 12/31/05, to adjust for the year end
CLUE MUST MATCH: The Carry Value of bonds at 12/31/06 is $628,350
Purchase this Solution
Solution Summary
You will find the answer to this puzzling question inside...
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Introduction to Finance
This quiz test introductory finance topics.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.