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. Payment 1 2 3 4 5 6 38 39 48 Cash Payment Effective Increase in Interest Balance " 230,997 231,597 232,221 216,000 216,000 216,000 216,000 232,869 216,000 233,544 216,000 234,246 216,000 280,008 216,000 282,568 216,000 285,230 14,997 15,597 16,221 16,869 17,544 18,246 64,988 66,568 69,230 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? Outstanding Balance 5,774,920 5,789,917 5,885,514 5,821,735 5,838,604 5,856,148 5,874,394 7,064,202 7,130,770 7,200,000 5. What is the effective annual Interest rate? 7. What is the total cash Interest paid over the term to maturity? 3. 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. Payment 1 2 3 4 5 6 38 39 48 Cash Payment Effective Increase in Interest Balance " 230,997 231,597 232,221 216,000 216,000 216,000 216,000 232,869 216,000 233,544 216,000 234,246 216,000 280,008 216,000 282,568 216,000 285,230 14,997 15,597 16,221 16,869 17,544 18,246 64,988 66,568 69,230 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? Outstanding Balance 5,774,920 5,789,917 5,885,514 5,821,735 5,838,604 5,856,148 5,874,394 7,064,202 7,130,770 7,200,000 5. What is the effective annual Interest rate? 7. What is the total cash Interest paid over the term to maturity? 3. 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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