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Smith Corporation issues $2,000,000, 10-year, 8% bonds payable at a price of 98. The journal entry to record the issuance will include a:

A.debit to Cash of $2,000,000.
B.credit to Discount on Bonds Payable for $40,000.
C.credit to Bonds Payable for $1,960,000.
D.debit to Cash for $1,960,000.

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The carrying value of a bond immediately after the bond was issued was $245,000. The bond price was 80. The face value of the bond was:

A.$306,250.
B.$345,000.
C.$249,900.
D.$250,000.

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If bonds have been issued at a premium, over the life of the bonds, the:

A.carrying value of the bonds will decrease.
B.carrying value of the bonds will increase.
C.interest expense will increase.
D.interest payment will increase.

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Over the term of a bond, the amortization of the premium on bonds payable:

A.increases the amount of cash paid to bondholders annually.
B.decreases the amount of cash paid to bondholders annually.
C.increases interest expense.
D.decreases interest expense.

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Solderman Company issued $500,000, 6%, 10-year bonds for $432,800 with a market rate of 8%. The effective-interest method of amortization is to be used and interest is paid annually. The journal entry on the first interest payment date would include a:

A.credit to Interest Expense of $30,000.
B.credit to Cash of $34,624.
C.credit to Discount on Bonds Payable of $4,624.
D.credit to Interest Expense of $4,624.

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Smith Corporation issues $2,000,000, 10-year, 8% bonds payable at a price of 98. The journal entry to record the issuance will include a:

A.debit to Cash of $2,000,000. B.credit to Discount on Bonds Payable for $40,000. C.credit to Bonds Payable for $1,960,000. D.debit to Cash for $1,960,000.

The carrying value of a bond immediately after the bond was issued was $245,000. The bond price was 80. The face value of the bond was:

If bonds have been issued at a premium, over the life of the bonds, the:

Over the term of a bond, the amortization of the premium on bonds payable:

Solderman Company issued $500,000, 6%, 10-year bonds for $432,800 with a market rate of 8%. The effective-interest method of amortization is to be used and interest is paid annually. The journal entry on the first interest payment date would include a:

A.debit to Cash of $2,000,000.
B.credit to Discount on Bonds Payable for $40,000.
C.credit to Bonds Payable for $1,960,000.
D.debit to Cash for $1,960,000.