Un January 1, 2021, Concord Corp. issued five-year bonds with a face value of $370,000 and a coupon interest rate of 6%, with interest payable semi-annually. Record the proceeds from the sale of the bonds if the market interest rate was 7%. See below for present value tables. (Do not use & signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25) TABLE
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- tELLiy, you must enter your ID number on the first sheet! On January 1, 2020 Omsk Corporation issued Bonds pay interest each July 1 and January 1. 150,000 of 5 % bonds, due in 17 years 12 % market rate of interest. Assume Requirements (Round to 0 decimals, Rounding errors do not matter): 1. Compute market price of bonds. Provide detailed computation. Use functions in Excel 2. What is an amount of discount /premium? Indicate, what it is (discount or premium). Computation. 3. Prepare amortization schedule for first 5 years. Use formulas in Excel. 4. Prepare journal entry to record bond issue. 5. Prepare journal entry on July 1, 2020. 6. Prepare journal entry on December 31, 2020. 7. Prepare journal entry on January 1, 2021Take me to the text On January 1, 2023, Bootic Inc. issued $3,182,000 worth of 4% redeemable bonds due in 9 years. At the time of issue, the market interest rate was 3% (interest is due annually). Calculate the discount or premium at which the bonds were issued. The company's year end is December 31. Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest whole number. For bond calculations, use the PV tables at the end of Chapter 7 textbook or use a financial calculator. The bond is issued at a: Premium + Premium/Discount: $ CheckOriole Cleaners issued €700,000 of 9%, 20-year bonds on January 1, 2022, at 91.42 to yield 10%. Interest is payable semiannually on July 1 and January 1 Prepare the journal entries to record the following. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) No. (a) (b) (c) The issuance of the bonds. The payment of interest and the related amortization on July 1, 2022. The accrual of interest and the related amortization on December 31, 2022. Date Account Titles and Explanation Debit JOUNI Credit
- Use the following information for the following 3 questions: (round all parts to the nearest dollar) Porter, Inc. issued $400,000, 10-year, 10% bonds for $354,200 on January 1, 2022; the bonds pay interest semiannually on June 30 and December 31. On the date of issuance, the interest rate in the bond market is 12%. Round all parts of the problem to the nearest dollar. What will Porter record as interest expense for the year ending December 31, 2022? $42,579 $40,000 $21,252 $21,327 $20,000Cookie Dough Corporation issued $850,000 in 9%, 10-year bonds (payable on December 31, 2030) on January 1, 2021, for $907,759. Interest is paid on June 30 and December 31. The market rate of interest is 8%. Required: Prepare the amortization table through December 31, 2023, using the effective interest rate method. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0". If required, round your answers to the nearest whole dollarWhispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest each December 31. The bonds were sold at 98. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 5,841,584 2022 Premium on Bonds Payable 58,416 Bonds Payable 5,900,000
- On December 31, 2024, when the market interest rate is 8%, McMann Realty issues $700,000 of 5.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. (Round all currency amounts to the nearest whole dollar) (Click the icon to view Present Value of $1 table.) (Click the icon to view Future Value of $1 table.) The present value of the bonds at issuance amounts to (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) EXE(b) Splish Inc. issued $590,000 of 9%, 10-year bonds on June 30, 2020, for $488,488. This price provided a yield of 12% on the bonds. Interest is payable semiannually on December 31 and June 30. If Splish uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2020. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Interest expense to be recorded $?On January 1, 2024. Ithaca Corporation purchases Cortland Incorporated bonds that have a face value of $300,000. The Cortland bonds have a stated interest rate of 7%. Interest is paid semiannually on June 30 and December 31 , and the bonds mature in 10 years. For bonds of similar risk and maturity, the market yield on particular dates is as follows: Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of \$1, EVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1) January 1, 2023 8.0% June 30, 202 9.0% December 31, 2024 10.0% Required: 1-a. Calculate the price lthaca would have paid for the Cortand bonds on January 1, 2024 (ignoring brokerage fees). and prepare a journal entry to record the purchase. 2. Prepare all appropriate journal entries related to the bond investment during 2021 assuming Ithaca accounts for the bonds as a held-to maturity investment. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. 3. Prepare all…
- Take me to the text On October 1, 2020, Robby Company issued $251,000 worth of bonds at par, with the interest rate of 11% per annum. The bonds will mature on September 30, 2027. Interest wilIl be paid semi-annually on March 31 and September 30. The company has a December 31 year-end. Calculate the accrued interest payable on December 31, 2021. Do not enter dollar signs or .commas in the innut boxes Round your answers to the nearest whole number. Accrued interest: $de, Inc. issued $758,000 of bonds on December 15, 2022, when the market rate of interest was 6%. The 5-year bonds pay interest annually at 6%. Grande has a December 31 fiscal year-end. Prepare the journal entries to record the is ssification of the bonds on December 31, 2026. (Record debits first, then credits. Exclude explanations from any journal entries.) re Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table ent Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table n by preparing the journal entry to record the issuance of the bonds on December 15, 2022. December 15, 2022 count W record the entry for reclassification of the bonds on December 31, 2026. count December 31, 2026(b) Wildhorse Inc. issued $570,000 of 9%, 10-year bonds on June 30, 2020, for $471,929. This price provided a yield of 12% on the bonds. Interest is payable semiannually on December 31 and June 30. If Wildhorse uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2020. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.)