Can you please help me understand how to do the calculations for parts 6,7,and 8 of this question? I have already confirmed my answers to parts 1-5 being correct, but I can't seem to figure out the last three parts. Are there any specific formulas I should use? On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 andDecember 31. Portions of the bond amortization schedule appear below:CashEffectiveIncrease inOutstandingPaymentPaymentInterestBalanceBalance320,000320,000320,000320,0006,627,2736,638,6376,650,5696,663,0976,676,2526,690,0656,704,568331,364331,932111,364211,932332,528333,155333,813334,50312,5284320,000320,00013,15513,81314,5036.320,000320,000320,000389,107392,562396,19169,10772,56276,191387,851,2477,923,8098,000,0003940Required:1. What is the face amount of the bonds?2. What is the initial selling price of the bonds?3. What is the term to maturity in years?4. Interest is determined by what approach?5. What is the stated annual interest rate?6. What is the effective annual interest rate?7. What is the total cash interest paid over the term to maturity?8. What is the total effective interest expense recorded over the term to maturity?

6. Effective annual interest rate = Effective interest for any period/opening outstanding balance…

On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: Cash Effective Increase in Outstanding Раyment Payment Interest Balance Balance 320,000 320,000 320,000 320,000 320,000 320,000 11,364 11,932 12,528 13,155 13,813 14,503 6,627,273 6,638,637 6,650,569 6,663,097 6,676,252 6,690,065 6,704,568 331,364 331,932 332,528 333,155 333,813 334,503 2 4 5 6. 69,107 72,562 76,191 7,851,247 7,923,809 8,000,000 38 320,000 389,107 320,000 320,000 39 392,562 396,191 40 Required: 1. What is the face amount of the bonds? 2. What is the initial selling price of the bonds? 3. What is the term to maturity in years? 4. Interest is determined by what approach? 5. What is the stated annual interest rate? 6. What is the effective annual interest rate? 7. What is the total cash interest paid over the term to maturity? 8. What is the total effective interest expense recorded over the term to maturity?

On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: Cash Effective Increase in Outstanding Раyment Payment Interest Balance Balance 320,000 320,000 320,000 320,000 320,000 320,000 11,364 11,932 12,528 13,155 13,813 14,503 6,627,273 6,638,637 6,650,569 6,663,097 6,676,252 6,690,065 6,704,568 331,364 331,932 332,528 333,155 333,813 334,503 2 4 5 6. 69,107 72,562 76,191 7,851,247 7,923,809 8,000,000 38 320,000 389,107 320,000 320,000 39 392,562 396,191 40 Required: 1. What is the face amount of the bonds? 2. What is the initial selling price of the bonds? 3. What is the term to maturity in years? 4. Interest is determined by what approach? 5. What is the stated annual interest rate? 6. What is the effective annual interest rate? 7. What is the total cash interest paid over the term to maturity? 8. What is the total effective interest expense recorded over the term to maturity?

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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