On January 1, a company issues bonds dated January 1 with a par value of $250,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $260,148. The journal entry to record the issuance of the bond is: Multiple Choice Debit Cash $250,000; debit Premium on Bonds Payable $10,148; credit Bonds Payable $260,148. Debit Cash $260,148; credit Premium on Bonds Payable $10,148; credit Bonds Payable $250,000. Debit Bonds Payable $250,000; debit Bond Interest Expense $10,148; credit Cash $260,148. Debit Cash $260,148; credit Bonds Payable $260,148. Debit Cash $260,148; credit Discount on Bonds Payable $10,148; credit Bonds Payable $250,000.

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.