Assume an effective yield of 9. Round to the nearest dollar. B ii re applicants that acquired business of a predecessor debt adjuster and providing that commissioner may require larger bond upon certain findings and may increase or decrease amount of bond, and by replacing requirement that licensees submit evidence that bond complies with subdivision with requirement that licensees submit annual report containing the average daily balance of payments received from Connecticut debtors, amended Subsec.
The commissioner may proceed on any such surety bond against the principal or surety thereon, or both, to collect any civil penalty imposed upon the licensee pursuant to subsection a of section 36a P-2 Comprehensive Bond Problem Note: Assume that no reversing entries were made.
No such bond shall be cancelled unless the surety notifies the commissioner in writing not less than thirty days prior to the effective date of cancellation.
Prepare the journal entry to record this retirement. Dion Company uses the straight-line method of amortization for bond premium or discount.
In each of the following independent cases the company closes its books on December Use of tables or financial calculators may result is slightly different values due to rounding and significant digits.
Interest is payable semiannually, and the first interest payment date is September 1, These bonds were issued on January 1,and pay interest annually on each January 1.
See all Questions Posted Search here for Tutorials If the Data is different in your question, please send your questions to homeworksolutionsnow gmail. The due date of the bonds is June 1, Amortize premium or discount on interest dates and at year-end.
Automatic suspension of license. No licensee or applicant shall make such deposit until the depository institution and the licensee or applicant executes a deposit agreement satisfactory to the commissioner.
Each licensee shall submit to the commissioner, by September first of each year, a report containing information on the average daily balance of the payments received by the licensee from Connecticut debtors during the preceding twelve months ending July thirty-first of each such year.
The questions will be answered at the same price. The bonds yield The due date of the bonds is September 1, The commissioner shall automatically suspend the license on such date, unless prior to such date the licensee submits a letter of reinstatement of the bond from the surety or a new bond or the licensee has surrendered the license.
E-2 Assume the same information as in E-1, except that Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. The bonds pay interest on December 1 and June 1. Resolve value of unamortized bond issue costs for the bonds being retired.
List of Titles Sec. The deposits made pursuant to this section shall be deemed, by operation of law, to be held in trust for the benefit of any debtor, who may be damaged by failure of a licensee or applicant to perform any written agreements or by the wrongful conversion of funds paid to a licensee in the event of the bankruptcy of the licensee, and shall be immune from attachment by creditors or judgment creditors.
The proceeds of any bond, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of such claimants against the licensee in the event of bankruptcy of the licensee and shall be immune from attachment by creditors and judgment creditors.
After receipt of such notification from the surety, the commissioner shall give written notice to the licensee of the date such bond cancellation shall take effect. Such notice shall be sent by certified mail to the licensee at least thirty days prior to the date of cancellation.
After a license has been automatically suspended, the commissioner shall give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with section 36a and require the licensee to take or refrain from taking such action as in the opinion of the commissioner will effectuate the purposes of this section.
Form of surety bond. Any bond required by this section shall be maintained during the entire period of the license granted to the applicant, and the aggregate liability under any such bond shall not exceed the principal amount of the bond or the limit of liability.Use the above straight·line bond amortization table and prepare journal entries for the following.
(a) The issuance of bonds on December 31, (b)The first interest payment on June 30, Oct 04, · Prepare the journal entries to record the following events.
(a) The issuance of the bonds. (b) The accrual of interest and the premium amortization on December 31, Status: Resolved. The corporation's journal entry to record the issuance of the bond on January 1, will be: The account Premium on Bonds Payable is a liability account that will always appear on the balance sheet with the account Bonds Payable.
3A Prepare entries to record issuance of bonds, interest accrual, and bond redemption. *6B Prepare entries to record issuance of bonds, payment of interest, and amortization of premium using effective-interest method. In addition, answer questions. PA Prepare journal entries to record issuance of bonds, payment of interest, and amortization of bond discount using effective interest method On January 1,Lock Corporation issued $1, face value, 5%, 10 year bonds at $1, Instructions Prepare the journal entries to record the following.
(a) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1,Download