JSM Ltd. sold $6,010,000 of 8% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 10%. JSM's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2024, JSM bought back $2,010,000 worth of bonds for $1,910,000 plus accrued interest. (a) Your answer is partially correct. Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. Hint: Use the account Interest Expense in your entry). (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Cash Debit Credit Interest Expense Bonds Payable eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 2 of 3 used Submit Answer
JSM Ltd. sold $6,010,000 of 8% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 10%. JSM's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2024, JSM bought back $2,010,000 worth of bonds for $1,910,000 plus accrued interest. (a) Your answer is partially correct. Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. Hint: Use the account Interest Expense in your entry). (Round answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Cash Debit Credit Interest Expense Bonds Payable eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 2 of 3 used Submit Answer
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 13M
Related questions
Question
![JSM Ltd. sold $6,010,000 of 8% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and
March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 10%. JSM's fiscal year-end was
February 28, and the company followed IFRS.
On June 1, 2024, JSM bought back $2,010,000 worth of bonds for $1,910,000 plus accrued interest.
(a)
Your answer is partially correct.
Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance
of the bonds. Hint: Use the account Interest Expense in your entry). (Round answer to O decimal places, e.g. 5,275. Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Cash
Debit
Credit
Interest Expense
Bonds Payable
eTextbook and Media
List of Accounts
Save for Later Last saved 1 second ago.
Saved work will be auto-submitted on the due date. Auto-
submission can take up to 10 minutes.
Attempts: 2 of 3 used Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38d14326-cfc1-43f7-a369-e9fc19332bfd%2Fcfa9da75-063f-43b5-a487-e23499e28b5c%2Foz6i028_processed.png&w=3840&q=75)
Transcribed Image Text:JSM Ltd. sold $6,010,000 of 8% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and
March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 10%. JSM's fiscal year-end was
February 28, and the company followed IFRS.
On June 1, 2024, JSM bought back $2,010,000 worth of bonds for $1,910,000 plus accrued interest.
(a)
Your answer is partially correct.
Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance
of the bonds. Hint: Use the account Interest Expense in your entry). (Round answer to O decimal places, e.g. 5,275. Credit account
titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Cash
Debit
Credit
Interest Expense
Bonds Payable
eTextbook and Media
List of Accounts
Save for Later Last saved 1 second ago.
Saved work will be auto-submitted on the due date. Auto-
submission can take up to 10 minutes.
Attempts: 2 of 3 used Submit Answer
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