Saved Help Save & Exit Submit You received partial credit in the previous attempt. 4 9 nts Book Hint Print View previous attempt Exercise 5-22 (Algo) Price of a bond; interest expense [LO5-9, 5-10] On June 30, 2024, Single Computers issued 6% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2039 (15 years). The market rate of interest for similar bond issues was 4% (2.0% semiannual rate). Interest is paid semiannually (3.0%) on June 30 and December 31, beginning on December 31, 2024. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Determine the price of the bonds on June 30, 2024. 2. Calculate the interest expense Single reports in 2024 for these bonds using the effective interest method. Complete this question by entering your answers in the tabs below. rences Required 1 Required 2 Calculate the interest expense Single reports in 2024 for these bonds using the effective inter Note: Enter all the values as positive value. Round your final answers to nearest whole dollar Period-End Cash Interest Paid Bond Interest Expense 06/30/2024 12/31/2024 $ 7,345,080 < Required 1 $ Premium Amortization Carrying Valu $ 3,572 0 Required 2 >

Saved Help Save & Exit Submit You received partial credit in the previous attempt. 4 9 nts Book Hint Print View previous attempt Exercise 5-22 (Algo) Price of a bond; interest expense [LO5-9, 5-10] On June 30, 2024, Single Computers issued 6% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2039 (15 years). The market rate of interest for similar bond issues was 4% (2.0% semiannual rate). Interest is paid semiannually (3.0%) on June 30 and December 31, beginning on December 31, 2024. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Determine the price of the bonds on June 30, 2024. 2. Calculate the interest expense Single reports in 2024 for these bonds using the effective interest method. Complete this question by entering your answers in the tabs below. rences Required 1 Required 2 Calculate the interest expense Single reports in 2024 for these bonds using the effective inter Note: Enter all the values as positive value. Round your final answers to nearest whole dollar Period-End Cash Interest Paid Bond Interest Expense 06/30/2024 12/31/2024 $ 7,345,080 < Required 1 $ Premium Amortization Carrying Valu $ 3,572 0 Required 2 >

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 99PSA

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st ve this K Kendrick Corporation issued $660,000 of 7%, 10-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 9%, and the bonds pay interest semiannually Kendrick Corporation's year-end is March 31 Read the requirements. 1. Using the PV function in Excel", calculate the issue price of the bonds. (Round your answer to the nearest whole dollar) The issue price of the bonds is 5 Demodocs ex Requirements 1. Using the PV function in Excel, calculate the issue price of the bonds. 2. Prepare an effective-interest amortization table for the bonds through the first three interest payments. Round amounts to the nearest dollar. 3. Record Kendrick Corporation's issuance of the bonds on March 31, 2019, and payment of the first semiannual interest amount and amortization of the bond i discount on September 30, 2019 Explanations are not required. X k answer correct: 3 (1)