Excelsior Corp. sold $1,500,000 of five-year, 12% bonds on August 1, 2010. The effective interest rate is 10% and the interest payment dates are July 31st and January 31st of each year. Excelsior has a December 31st year end and the company uses the effective interest rate method to amortize the bond discount/premium. On July 31, 2015, the maturity date, the value of Cash in the journal entry of Excelsior Corp. would be: Multiple Choice $920,850 $1,500,000 None of the other alternatives are correct $694.953 $1615.803 4

Excelsior Corp. sold $1,500,000 of five-year, 12% bonds on August 1, 2010. The effective interest rate is 10% and the interest payment dates are July 31st and January 31st of each year. Excelsior has a December 31st year end and the company uses the effective interest rate method to amortize the bond discount/premium. On July 31, 2015, the maturity date, the value of Cash in the journal entry of Excelsior Corp. would be: Multiple Choice $920,850 $1,500,000 None of the other alternatives are correct $694.953 $1615.803 4

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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