1) choose between; issued at Par, issued at Premium, issued at discount 2) for journal entries choose between; interest expesense, mortage (note) payable, cash Text LO 13.2Following is a list of scenarios, Identify if the bond was issued at par, premium or discount12A company issued $100,000, 5-year bonds, receiving $97,000.Beluga Inc. issued 10-year bonds with a face value of $100,000and a stated rate of 3% when the market rate was 4%.3Cawatosa Inc. issued 5-year bonds with a face value of$200,000 at 107Diana Inc. issued $100,000 of its 9%, 5-year bonds when themarket rate was 9%.5Elk Branch Inc. issued $700,000 of 5%, 10-year bonds andreceived $757,243.6Foxcroft Inc. issued 100 bonds with a face value of $1,000. Thebonds had a stated rate of 6% when the market rate was 5% 234LO56789101112131415161718192021222324ACEFHalep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interestrate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of eachyear. Prepare an amortization table showing the principal and interest in each payment.1. Prepare the amortization table for the borrowing2. Prepare journal entries to record the borrowing, year 1 and year 2 paymentsPart 1Amortization TableJan 1, 2018Dec 31, 2018Dec 31, 2019Dec 31, 2020Dec 31, 2021Part 2DateJan. 1Dec. 31Dec. 31BBeginningBalanceAccount TitleCashPaymentTo record the borrowingTo record year 1 paymentTo record year 2 paymentDInterestExpenseTo PrincipalDebitEndingBalance$15,588$7,947$0Credit

Text LO 13.2 Following is a list of scenarios, Identify if the bond was issued at par, premium or discount 1 A company issued $100,000, 5-year bonds, receiving $97,000. 2 Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 3% when the market rate was 4%. 3 4 Diana Inc. issued $100,000 of its 9%, 5-year bonds when the market rate was 9%. Cawatosa Inc. issued 5-year bonds with a face value of $200,000 at 107 5 Elk Branch Inc. issued $700,000 of 5%, 10-year bonds and received $757,243. 6 Foxcroft Inc. issued 100 bonds with a face value of $1,000. The bonds had a stated rate of 6% when the market rate was 5%

Text LO 13.2 Following is a list of scenarios, Identify if the bond was issued at par, premium or discount 1 A company issued $100,000, 5-year bonds, receiving $97,000. 2 Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 3% when the market rate was 4%. 3 4 Diana Inc. issued $100,000 of its 9%, 5-year bonds when the market rate was 9%. Cawatosa Inc. issued 5-year bonds with a face value of $200,000 at 107 5 Elk Branch Inc. issued $700,000 of 5%, 10-year bonds and received $757,243. 6 Foxcroft Inc. issued 100 bonds with a face value of $1,000. The bonds had a stated rate of 6% when the market rate was 5%

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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