CashDateEffectiveDecrease ininterestOutstandinginterestbalancebalance1/1/202124207,0206/30/2021247,000246,21124789206,23012/31/20217,0006,187813205,4176/30/20227,0006,163837204,58012/31/20227,0006,137863203,7176/30/20237,0006,112888202,829915201,9137,0006,08512/31/2023943200,9717,0006,0576/30/2024200,0009716,0297,00012/31/2024LPC issued the bonds:1. A) At par.2. B) At a premium.3. C) At a discount.4. D) Cannot be determined from the given information. Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected the following amortizaticschedule from issuance until maturity:CashEffectiveDecrease inDateOutstandinginterestinterestbalancebalance1/1/202124207,0206/30/20212$7,000$46,21124789206,23012/31/20217,0006,187813205,4176/30/20227,0006,163837204,58012/31/20227,0006,137863203,7176/30/20237,0006,112888202,82912/31/20237,0006,085915201,913943200,9716/30/20247,0006,057971200,0007,0006,02912/31/2024LPC issued the bonds:

interest balance balance 1/1/2021 24 207,020 6/30/2021 7,000 24 6,211 789 206,230 12/31/2021 7,000 6,187 813 205,417 6/30/2022 7,000 6,163 837 204,580 12/31/2022 7,000 6,137 863 203,717 6/30/2023 7,000 6,112 888 202,829 915 201,913 7,000 6,085 12/31/2023 943 200,971 7,000 6,057 6/30/2024 971 200,000 6,029 7,000 12/31/2024 LPC issued the bonds: 1. A) At par. ium %24

interest balance balance 1/1/2021 24 207,020 6/30/2021 7,000 24 6,211 789 206,230 12/31/2021 7,000 6,187 813 205,417 6/30/2022 7,000 6,163 837 204,580 12/31/2022 7,000 6,137 863 203,717 6/30/2023 7,000 6,112 888 202,829 915 201,913 7,000 6,085 12/31/2023 943 200,971 7,000 6,057 6/30/2024 971 200,000 6,029 7,000 12/31/2024 LPC issued the bonds: 1. A) At par. ium %24

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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