On October 1, 2023 macklin corporation issued 5 %, 10-year bonds with a face valueof $6,000,000 at 104. Interest is paid on october 1 and April 1, with any premiums ordiscounts amortized on a straight-line basis. Bond interest payable reported on thedecember 31, 2023 balance sheet of Macklin corporation would be. A- $75,000 B - $69,000 C $138, 000 D $81, 000

Bonds means the instrument where the bond holder gives money to bond issuer and in return bond…

Answered: On october 1, 2023 macklin corporation…

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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A corporation issues $26,000,000 of 9% bonds to yield interest at the rate of 7% on January 1, 2020. Select one question below and identify or calculate the amount. 1. Principal Amount 2. Nominal Rate 3. Stated Rate 4. Market rate 5. Effective rate 6. Maturity Value 7. Face value 8. Carrying Value 9. Par Value 10. Annual 2020 Cash Interest to be paid 11. Annual 2020 Interest Expense 12. Was the Bonds issued at discount or premium and why
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On June 30, 2021 the market interest rate is 10% winner corporation issues $850,000 of 11% 30 year bonds payable the bonds pay interest on June 30 and December 31 the company amortize bond premium using the effective interest method use the PV function in excel to calculate the issue of the bonds. The issue price of the bond is.
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ond-Question 1 n September 1, 2021, Imperial Corporation issued $1,000,000, 6%, 10-year bonds. Interest is payable annually with the first payment due on September 1, 2022 structions a) b) C) Provide the appropriate journal entry on September 1, 2021 to record the issuance of the bonds if the market rate of interest is 5% and the bond was issued for $1,077,217 Assuming Imperial has a December 31 year end, prepare the 2021 year-end adjusting entry to account for accrued interest on the bonds. Round your answer to the nearest dollar Prepare a partial balance sheet at December 31, 2021 for Imperial Corporation displaying all amounts related to the bonds Prepare the journal entry on September 1, 2022 to record the first interest payment. Assume the bonds were redeemed for $1,050,000 at September 30, 2024 when the amortized cost was $ 1,035,000 Record the redemption of the bonds d) e) Student Response:

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