61.Ten-year bonds with a face value of $500,000 were issued at 96. The carrying value of the bond after the second year of interest payments is:   

A. $484,000.

B. $480,000.

C. $500,000.

D. $482,000.

62.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Discount on Bonds Payable account for   

A. $2,000.

B. $4,000.

C. $6,000.

D. $8,000.

63.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Cash account for   

A. $408,000.

B. $400,000.

C. $398,000.

D. $392,000.

64.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $1,120,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $36,000.

D. $60,000.

65.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $960,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $32,000.

D. $60,000.

66.The entry to record the issuance of bonds at face value includes   

A. a credit to Bond Interest Payable.

B. a credit to Bond Payable.

C. a debit to Bond Interest Expense.

D. a debit to Bond Interest Payable.

67.Twenty-year bonds with a face value of $400,000 are issued on January 1 of the current year at 102. How much premium will be amortized under the straight-line method in the first semi-annual interest period?   

A. $200.

B. $400.

C. $800.

D. $8,000.

68.A bond sinking fund investment is started on January 5, 2016, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2016. The entry to record the earnings made on the sinking fund investment includes   

A. a debit to Cash for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

B. a debit to Cash for $1,100 and a credit to Bond Sinking Fund Investment for $1,100.

C. a debit to Bond Sinking Fund Investment for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

D. a debit to Cash for $1,100 and a credit to Interest Income for $1,100.

69.A bond sinking fund investment is started on January 5, 2016, by transferring $12,000 in cash to the fund. The company intends to accumulate $12,000 each year in the fund. This $12,000 is invested and earns $1,500 during 2016. On January 5, 2017, the amount of cash transferred to the sinking fund investment will be   

A. $10,500.

B. $12,000.

C. $13,500.

D. $1,500.

70.The corporation must maintain a subsidiary ledger showing who owns the bonds and is entitled to receive interest payments if the bonds are   

A. coupon bonds.

B. registered bonds.

C. bearer bonds.

D. unregistered bonds.

61.Ten-year bonds with a face value of $500,000 were issued at 96. The carrying value of the bond after the second year of interest payments is:   

A. $484,000.

B. $480,000.

C. $500,000.

D. $482,000.

62.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Discount on Bonds Payable account for   

A. $2,000.

B. $4,000.

C. $6,000.

D. $8,000.

63.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Cash account for   

A. $408,000.

B. $400,000.

C. $398,000.

D. $392,000.

64.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $1,120,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $36,000.

D. $60,000.

65.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $960,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $32,000.

D. $60,000.

66.The entry to record the issuance of bonds at face value includes   

A. a credit to Bond Interest Payable.

B. a credit to Bond Payable.

C. a debit to Bond Interest Expense.

D. a debit to Bond Interest Payable.

67.Twenty-year bonds with a face value of $400,000 are issued on January 1 of the current year at 102. How much premium will be amortized under the straight-line method in the first semi-annual interest period?   

A. $200.

B. $400.

C. $800.

D. $8,000.

68.A bond sinking fund investment is started on January 5, 2016, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2016. The entry to record the earnings made on the sinking fund investment includes   

A. a debit to Cash for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

B. a debit to Cash for $1,100 and a credit to Bond Sinking Fund Investment for $1,100.

C. a debit to Bond Sinking Fund Investment for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

D. a debit to Cash for $1,100 and a credit to Interest Income for $1,100.

69.A bond sinking fund investment is started on January 5, 2016, by transferring $12,000 in cash to the fund. The company intends to accumulate $12,000 each year in the fund. This $12,000 is invested and earns $1,500 during 2016. On January 5, 2017, the amount of cash transferred to the sinking fund investment will be   

A. $10,500.

B. $12,000.

C. $13,500.

D. $1,500.

70.The corporation must maintain a subsidiary ledger showing who owns the bonds and is entitled to receive interest payments if the bonds are   

A. coupon bonds.

B. registered bonds.

C. bearer bonds.

D. unregistered bonds.

61.Ten-year bonds with a face value of $500,000 were issued at 96. The carrying value of the bond after the second year of interest payments is:   

A. $484,000.

B. $480,000.

C. $500,000.

D. $482,000.

62.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Discount on Bonds Payable account for   

A. $2,000.

B. $4,000.

C. $6,000.

D. $8,000.

63.Bonds with a face value of $400,000 were issued at 98. The entry to record the issuance will include a debit to the Cash account for   

A. $408,000.

B. $400,000.

C. $398,000.

D. $392,000.

64.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $1,120,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $36,000.

D. $60,000.

65.A company issued 10-year, 6% bonds with a par value of $1,000,000. The company received $960,000 upon issuance. Using the straight-line method, the amount of interest expense for the first semi-annual interest period is:   

A. $24,000.

B. $30,000.

C. $32,000.

D. $60,000.

66.The entry to record the issuance of bonds at face value includes   

A. a credit to Bond Interest Payable.

B. a credit to Bond Payable.

C. a debit to Bond Interest Expense.

D. a debit to Bond Interest Payable.

67.Twenty-year bonds with a face value of $400,000 are issued on January 1 of the current year at 102. How much premium will be amortized under the straight-line method in the first semi-annual interest period?   

A. $200.

B. $400.

C. $800.

D. $8,000.

68.A bond sinking fund investment is started on January 5, 2016, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2016. The entry to record the earnings made on the sinking fund investment includes   

A. a debit to Cash for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

B. a debit to Cash for $1,100 and a credit to Bond Sinking Fund Investment for $1,100.

C. a debit to Bond Sinking Fund Investment for $1,100 and a credit to Income from Sinking Fund Investment for $1,100.

D. a debit to Cash for $1,100 and a credit to Interest Income for $1,100.

69.A bond sinking fund investment is started on January 5, 2016, by transferring $12,000 in cash to the fund. The company intends to accumulate $12,000 each year in the fund. This $12,000 is invested and earns $1,500 during 2016. On January 5, 2017, the amount of cash transferred to the sinking fund investment will be   

A. $10,500.

B. $12,000.

C. $13,500.

D. $1,500.

70.The corporation must maintain a subsidiary ledger showing who owns the bonds and is entitled to receive interest payments if the bonds are   

A. coupon bonds.

B. registered bonds.

C. bearer bonds.

D. unregistered bonds.

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