The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight...
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project. LHD issued 9% bonds with a face amount of $610,000 on November 1, 2018. The bonds sold for $557,668, a price to yield the market rate of 10%. The bonds mature October 31, 2038 (20 years). Interest is paid semiannually on April 30 and October 31 and is determined using the effective interest method Required: 1. What amount of interest expense related...
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 9% bonds with a face amount of $610,000 on November 1, 2018. The bonds sold for $557,668, a price to yield the market rate of 10%. The bonds mature October 31, 2038 (20 years). Interest is paid semiannually on April 30 and October 31 and is determined using the effective interest method. 20 points Required: 1. What amount of interest...
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 3% bonds with a face amount of $580,000 on November 1, 2009. The bonds sold for $515,050, a price to yield the market rate of 4%. The bonds mature October 31, 2023 (15 years). Interest is paid semiannually on April 30 and October 31. Requirement 1: What amount of interest expense related to the bonds will LHD report in its...
Problem 14-8 (Algo) Bonds; effective interest; partial period interest; financial statement effects [LO14-2] The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD Issued 7% bonds with a face amount of $600,000 on November 1, 2021. The bonds sold for $540,622, a price to yield the market rate of 8%. The bonds mature October 31, 2041 (20 years). Interest is pald semiannually on April 30 and October 31 and is determined...
Van Rushing Hunting Goods’ fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $17.8 million due on February 8, 2022. Rushing sold 5.0 million shares of its $0.25 par, common stock on February 3, 2022, for $15.0 million. The proceeds from that sale along with $2.8 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $9.7 million due on February 8, 2022. Rushing sold 1.5 million shares of its $0.25 par, common stock on February 3, 2022, for $7.5 million. The proceeds from that sale along with $2.2 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8 Through his attorney, one of...
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of...
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $7.4 million due on February 8, 2022. Rushing sold 1.0 million shares of its $0.25 par, common stock on February 3, 2022, for $5.4 million. The proceeds from that sale along with $2.0 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...
Van Rushing Hunting Goods' fiscal year ends on December 31. At the end of the 2021 fiscal year, the company had notes payable of $7.4 million due on February 8, 2022. Rushing sold 1.0 million shares of its $0.25 par, common stock on February 3, 2022, for $5.4 million. The proceeds from that sale along with $2.0 million from the maturation of some 3-month CDs were used to pay the notes payable on February 8. Through his attorney, one of...