On October 1, 2023, Ross Wind Energy Inc. issued a $1,570,000, 10.5%, seven-year bond. Interest is to be paidannually each October 1. Assume a November 30 year-end. (Use appropriate factor(s) from the tables provided.)Required:a. Calculate the issue price of the bond assuming a market interest rate of 8% on the date of the bond issue. (Donot round intermediate calculations. Round the final answer to the nearest whole dollar.)Issue price of the bond$17,755,252b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediatecalculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.)PeriodEndingCashInterestPaidPeriodInterestExpensePremiumUnamortizedCarryingAmort.PremiumValueOct. 1/23$Ο

a. Computation of the issue price of the bond: Cash interest= Face value of the bonds x Coupon rate=…

Answered: On October 1, 2023, Ross Wind Energy…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Mr. Appoh has operated a satisfactory account with your branch for a period of 6 years. He is a 40-year old mechanical engineer who runs a professional office engaged in considering and contacting work for the TDC, Tema, as well as for the private sector. Today Mr. Appoh calls to discuss with you his housing mortgage loan matter under your bank's mortgage loan scheme for private house ownership. For the discussion, he had produced a contractor’s estimate of the cost of a private house he plans to build. The cost of the house was estimated at GHȼ30million. He says he has been allocated a plot of land at Tema and he has been given all the necessary documents. He is applying for a mortgage loan of GHȼ20million repayable within a period of 10 years. He has in his house ownership savings account a total of GHȼ16million, more than the minimum savings required of beneficiaries under the scheme. You are prepared to help him. Your bank takes a legal mortgage of the property concerned. Required:…
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A 54-unit apartment building in Canton, Ohio was financed with a $10,000,000 30-year fully amortizing fixed rate mortgage loan at an annual interest rate of 4.5% payable monthly and with no loan lockout or prepayment penalties. If the borrower wanted to pay the loan back after 8 years, what would be the payoff amount? a. $7,333,333 b. $8,008,942 c. $8,481,705 d. $8,913,848
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Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects) Liabilities decrease and cash decreases Liabilities increase and the Income Statement decreases Liabilities decrease and the Income Statement increases Liabilities decrease and cash decreases No effect because the transaction was already booked when the customer purchased the gift card

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