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On January 1, 2021, Darnell Window and Pane issued $18.9 million of 10-year, zero-coupon bonds for...
Problem 14-9 Zero-coupon bonds [LO14-2] On January 1, 2018, Darnell Window and Pane issued $18.5 million...
Problem 14-9 Zero-coupon bonds [LO14-2] On January 1, 2018, Darnell Window and Pane issued $18.5 million of 10-year, zero-coupon bonds for $6,515,413. (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.) Required 2. Determine the effective rate of interest. 1. & 3.to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs General Interest rateJournal Determine the...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon bonds for $7633.757. (EY of $1. PV of $1 EVA of $1. PVA OLS1, EVAD of S1 and PVAD of S1) (Use appropriate foctor(s) from the tables provided.) Required: 2. Determine the effective rate of interest 1. & 3. to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs below. Interest rate General Journal Determine the effective...
On January 1, 2021. Darnell Window and Pane issued $19.3 million of 10-year, zero- coupon bonds...
On January 1, 2021. Darnell Window and Pane issued $19.3 million of 10-year, zero- coupon bonds for $6,214,083. Required: 1. Determine the effective rate of interest. 2. Prepare the necessary journal entries a. Record the issuance of the bonds on Jan 1.2021. b. Record the annual interest expense at Dec 31, 2021. c. Record annual interest expense at Dec 31, 2022. d. Record the payment at the bond's maturity on Dec 31, 2030. Page 2 of 2 231 words 9:17...
At January 1, 2021, Brant Cargo acquired equipment by issuing a four-year, $150,000 (payable at maturity),...
At January 1, 2021, Brant Cargo acquired equipment by issuing a four-year, $150,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 12%. (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.) Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. (If no entry is required for a transaction/event, select "No journal entry...
The Bradford Company issued 10% bonds, dated January 1, with a face amount of $75 million on January 1, 2021 to Saxton-Bose Corporation.
The Bradford Company issued 10% bonds, dated January 1, with a face amount of $75 million on January 1, 2021 to Saxton-Bose Corporation. The bonds mature on December 31, 2030 (6 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (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.) Required: 1....
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face...
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $20.3 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (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. Round your intermediate calculations to...
On January 1, 2021, NFB Visual Aids issued $820,000 of its 20-year, 8% bonds. The bonds...
On January 1, 2021, NFB Visual Aids issued $820,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $685,000 as determined by their market value in the over-the-counter market. General (risk-free) interest rates did...
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million,...
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021....
The Bradford Company issued 8% bonds, dated January 1, with a face amount of $50 million...
The Bradford Company issued 8% bonds, dated January 1, with a face amount of $50 million on January 1, 2021 to Saxton-Bose Corporation. The bonds mature on December 31, 2030 (20 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (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.)...
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 million,...
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021....
Problem 14-9 Zero-coupon bonds [LO14-2] On January 1, 2018, Darnell Window and Pane issued $18.5 million of 10-year, zero-coupon bonds for $6,515,413. (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.) Required 2. Determine the effective rate of interest. 1. & 3.to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs General Interest rateJournal Determine the...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon bonds for $7633.757. (EY of $1. PV of $1 EVA of $1. PVA OLS1, EVAD of S1 and PVAD of S1) (Use appropriate foctor(s) from the tables provided.) Required: 2. Determine the effective rate of interest 1. & 3. to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs below. Interest rate General Journal Determine the effective...
On January 1, 2021. Darnell Window and Pane issued $19.3 million of 10-year, zero- coupon bonds for $6,214,083. Required: 1. Determine the effective rate of interest. 2. Prepare the necessary journal entries a. Record the issuance of the bonds on Jan 1.2021. b. Record the annual interest expense at Dec 31, 2021. c. Record annual interest expense at Dec 31, 2022. d. Record the payment at the bond's maturity on Dec 31, 2030. Page 2 of 2 231 words 9:17...
At January 1, 2021, Brant Cargo acquired equipment by issuing a four-year, $150,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 12%. (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.) Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. (If no entry is required for a transaction/event, select "No journal entry...
On January 1, 2021, Mania Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $20.3 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. (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. Round your intermediate calculations to...
On January 1, 2021, NFB Visual Aids issued $820,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $685,000 as determined by their market value in the over-the-counter market. General (risk-free) interest rates did...
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021....
On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021....
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