Tamarisk Ltd issued a $1,094,000, 10-year bond dated January 1, 2023. The bond was sold to yield 12% effective interest. The bond paid 10% interest on January 1 and July 1 each year. The company's year-end was December 31, and Tamarisk followed IFRS. Using 1. factor Tables 2. a financial calculator, or 3, Excel function PV calculate the amount received for the bond, and any discount or premium on the bond. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (Round present value factor calculations to 5 decimal places eg 1.25124 and final answers to O decimal places 58,971) Proceeds from sale of bond $ Dinton bond S Prepare the journal entries for above transactions. (Round answers to D decimal places, eg 5.275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries)
Tamarisk Ltd issued a $1,094,000, 10-year bond dated January 1, 2023. The bond was sold to yield 12% effective interest. The bond paid 10% interest on January 1 and July 1 each year. The company's year-end was December 31, and Tamarisk followed IFRS. Using 1. factor Tables 2. a financial calculator, or 3, Excel function PV calculate the amount received for the bond, and any discount or premium on the bond. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (Round present value factor calculations to 5 decimal places eg 1.25124 and final answers to O decimal places 58,971) Proceeds from sale of bond $ Dinton bond S Prepare the journal entries for above transactions. (Round answers to D decimal places, eg 5.275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tamarisk Ltd issued a $1.094,000, 10-year bond dated January 1, 2023. The bond was sold to yield 12% effective interest. The bond
paid 10% interest on January 1 and July 1 each year. The company's year-end was December 31, and Tamarisk followed IFRS. Using 1.
factor Tables 2. a financial calculator, or 3, Excel function PV, calculate the amount received for the bond, and any discount or premium
on the bond.
Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (Round present value foctor calculations to S
g. 1.25124 and final answers to 0 decimal places eg 58.971)
tions to
Proceeds from sale of bond
Don bond
$
Date
$
Prepare the journal entries for above transactions. (Round answers to O decimal places, eg. 5.275. Credit account titles are automatically
Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the
amounts List oll debit entries before credit entries)
Account Titles and Explanation
5 decimal places,
Debit
Credit
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