Universal Foods issued 8% bonds, dated January 1, with a face amount of $210 million on January 1, 2024. . The bonds mature on December 31, 2038 (15 years). . The market rate of interest for similar issues was 10%. • Interest is paid semiannually on June 30 and December 31. • Universal uses the straight-line method. Required: 1. Determine the price of the bonds at January 1, 2024. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on December 31, 2031. 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) Complete this question by entering your answers in the tabs below. Req 1 Reg 2 to 4 Determine the price of the bonds at January 1, 2024. Note: Round your final answer to the nearest whole dollars. Price of bonds Req 2 to 4 >

FINANCIAL ACCOUNTING
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Universal Foods issued 8% bonds, dated January 1, with a face amount of $210 million on January 1, 2024.
. The bonds mature on December 31, 2038 (15 years).
The market rate of interest for similar issues was 10%.
• Interest is paid semiannually on June 30 and December 31.
• Universal uses the straight-line method.
Required:
1. Determine the price of the bonds at January 1, 2024.
2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and
interest on December 31, 2031.
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)
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 to 4
Determine the price of the bonds at January 1, 2024.
Note: Round your final answer to the nearest whole dollars.
Price of bonds
(Avo
Req 2 to 4 >
Transcribed Image Text:Universal Foods issued 8% bonds, dated January 1, with a face amount of $210 million on January 1, 2024. . The bonds mature on December 31, 2038 (15 years). The market rate of interest for similar issues was 10%. • Interest is paid semiannually on June 30 and December 31. • Universal uses the straight-line method. Required: 1. Determine the price of the bonds at January 1, 2024. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on December 31, 2031. 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) Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Determine the price of the bonds at January 1, 2024. Note: Round your final answer to the nearest whole dollars. Price of bonds (Avo Req 2 to 4 >
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 to 4
Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on
December 31, 2031.
Note: Round your final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.
View transaction list
Journal entry worksheet
2
Record the issuance of the bond on January 1, 2024.
3
Note: Enter debits before credits.
Date
January 01, 2024
Record entry
General Journal
Clear entry
Debit
Credit
View.general lournal
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on December 31, 2031. Note: Round your final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 Record the issuance of the bond on January 1, 2024. 3 Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View.general lournal
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