please use P*R*T fomular as well. Thanks On January 1, 2021, your company sold $400,000 of 5%, 10 year bonds when the market ratewas 6%. These bonds pay interest annually on December 31 each year. Your company uses theinterest method of amortization.A.Calculate the selling price of the bonds. Show the time value of money factors youentered into your calculator.Prepare journal entries from January 1, 2021 through December 31, 2022 (TW0 full yearsbut no adjusting and reversing entries will be needed since you are making payments on thelast day of the year), assuming your company's year ends on December 31. Put theappropriate date beside each journal entry.С.What is the carrying value of these bonds on;1. December 31, 2021?2. December 31 2022?D.Assuming your company used STRAIGHT-LINE amortization. What would be thecarrying value of the bonds on:1. December 31, 2021?2. December 31, 2022?Е.If these bonds had been sold on August 1, 2021 (instead of January 1, 2021) and paidinterest annually on July 31, prepare the entries on August 1, 2021 through July 31, 2022,(ONE full year) including adjusting and reversing entries, assuming your company wasusing the interest method of amortization and your year ends on December 31.B.

Company sold bonds having face value of $400,000 and having interest rate of 5% and the market rate…

Answered: Calculate the selling price of the…

Business

Accounting

Calculate the selling price of the bonds. Show the time value of money factors you entered into your calculator.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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