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Homework Answers
Solution a:
| Semiannual period | Adjusted basis of bond at beginning of semiannual period | Interest received | Premium Amortization | Reported interest |
| 1 | $13,160 | $310 | $34 | $276 |
| 2 | $13,126 | $310 | $34 | $276 |
| Yearly Total | $620 | $68 | $552 |
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Required information The following information applies to the questions displayed below.] At the beginning of his...
Required Information (The following information applies to the questions displayed below) Ike issues $110,000 of 9%,...
Required Information (The following information applies to the questions displayed below) Ike issues $110,000 of 9%, three-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $112,881. When the market rate is 8% 3. Prepare an effective interest amortization table for the bonds' first two years. Cash Interest Pald Bond Interest Expense Premium Amortization Unamortized Premium Carrying Value Semiannual Interest Period-End 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020
Required information (The following information applies to the questions displayed below.] On January 1 of this...
Required information (The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Cash Interest Amortization $ 2,162 $ 1,967 $ 195 Date January 1, Year 1 End of Year 1 End of Year 2 End of Year...
Required information (The following information applies to the questions displayed below.] On January 1 of this...
Required information (The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Cash Interest Amortization $ 2,162 $ 1,967 $ 195 Date January 1, Year 1 End of Year 1 End of Year 2 End of Year...
Required information [The following information applies to the questions displayed below.] On January 1, 2019, Learned...
Required information [The following information applies to the questions displayed below.] On January 1, 2019, Learned Inc, issued $13 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2038. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) b-2. Assume instead that the proceeds were $13,363,000. Record the journal entry to show the payment of semiannual...
Required information [The following information applies to the questions displayed below.] On January 1, when the...
Required information [The following information applies to the questions displayed below.] On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $290,000, 8 percent bond issue for $271,387. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31....
Required information (The following information applies to the questions displayed below.] On January 1, when the...
Required information (The following information applies to the questions displayed below.] On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $290,000, 9 percent bond issue for $272,169. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method. 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediate calculations. Round your answers to the nearest dollar.) Changes During the Period...
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Required information The following information applies to the questions displayed below) 1.66 points On January 1, 2017, Shay issues $300,000 of 10%, 15-year bonds at a price of 97.75. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 105.25. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Skipped 1. How...
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Required information The following information applies to the questions displayed below) Legacy issues $600,000 of 70%, four year bonds dated January 1, 2017 that pay interest semiannually on June 30 and December 31 They are issued at $541,807 and their market rate is 10% at the issue dote 3. Prepare a straight-line amortization table for the bonds' first two years. Answer is complete but not entirely correct. Semiannual Unamortized Carrying Period End Discount Value 01/01/2017 $ 58,193 $ 541,807 06/30/2017...
Required information (The following information applies to the questions displayed below.] On January 1, when the marke...
Required information (The following information applies to the questions displayed below.] On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $170,000, 9 percent bond issue for $159,547. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If...
Required information (The following information applies to the questions displayed below. On January 1, 2019, Drennen...
Required information (The following information applies to the questions displayed below. On January 1, 2019, Drennen Inc. issued $2.6 million face amount of 7-year, 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2025. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) b-2. Assume instead that the proceeds were $2,534,000. Record the journal entry to show the payment of semiannual...
Required Information (The following information applies to the questions displayed below) Ike issues $110,000 of 9%, three-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $112,881. When the market rate is 8% 3. Prepare an effective interest amortization table for the bonds' first two years. Cash Interest Pald Bond Interest Expense Premium Amortization Unamortized Premium Carrying Value Semiannual Interest Period-End 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020
Required information (The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Cash Interest Amortization $ 2,162 $ 1,967 $ 195 Date January 1, Year 1 End of Year 1 End of Year 2 End of Year...
Required information (The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Cash Interest Amortization $ 2,162 $ 1,967 $ 195 Date January 1, Year 1 End of Year 1 End of Year 2 End of Year...
Required information [The following information applies to the questions displayed below.] On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $290,000, 8 percent bond issue for $271,387. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31....
Required information (The following information applies to the questions displayed below.] On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $290,000, 9 percent bond issue for $272,169. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method. 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediate calculations. Round your answers to the nearest dollar.) Changes During the Period...
Required information The following information applies to the questions displayed below) 1.66 points On January 1, 2017, Shay issues $300,000 of 10%, 15-year bonds at a price of 97.75. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 105.25. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Skipped 1. How...
Required information The following information applies to the questions displayed below) Legacy issues $600,000 of 70%, four year bonds dated January 1, 2017 that pay interest semiannually on June 30 and December 31 They are issued at $541,807 and their market rate is 10% at the issue dote 3. Prepare a straight-line amortization table for the bonds' first two years. Answer is complete but not entirely correct. Semiannual Unamortized Carrying Period End Discount Value 01/01/2017 $ 58,193 $ 541,807 06/30/2017...
Required information (The following information applies to the questions displayed below.] On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $170,000, 9 percent bond issue for $159,547. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If...
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