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On January 1, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
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On January 1, 2013, Loop de Loop Raceway issued 680 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 8 percent, so the total proceeds from the bond issue were $662,454. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
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On January 1, 2013, Surreal Manufacturing issued 780 bonds, each with a face value of $1,000, a stated interest rate of 3.75 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $774,591. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
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On January 1, 2013, Surreal Manufacturing issued 630 bonds, each with a face value of $1,000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $670,567. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
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10.00 points On January 1, 2013, Surreal Manufacturing issued 790 bonds, each with a face value of $1,000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $779,041. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest...
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On January 1, Innovative Solutions, Inc., issued $210,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1,2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 102 (if...
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Clem Company issued $840,000, 10- year, 4 percent bonds on January 1, 2015. The bonds sold for $761,000. Interest is payable annually on December 31. Using effective- interest amortization, prepare journal entries to record (a) the bond issuance on January 1, 2015, and (b) the payment of interest on December 31, 2015. The market interest rate on the bonds is 5 percent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)...
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Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
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PARTS 1,2 &3
On January 1, Innovative Solutions, Inc., issued $250,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31. Required: 1, 2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted...
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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, 2013, Loop de Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop de Loop uses the straight-line bond amortization method Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Loop de Loop Raceway issued 680 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 8 percent, so the total proceeds from the bond issue were $662,454. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. Changes During the Period Period...
On January 1, 2013, Surreal Manufacturing issued 780 bonds, each with a face value of $1,000, a stated interest rate of 3.75 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $774,591. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
On January 1, 2013, Surreal Manufacturing issued 630 bonds, each with a face value of $1,000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $670,567. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.)...
10.00 points On January 1, 2013, Surreal Manufacturing issued 790 bonds, each with a face value of $1,000, a stated interest rate of 3.50 percent paid annually on December 31, and a maturity date of December 31, 2015. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $779,041. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest...
On January 1, Innovative Solutions, Inc., issued $210,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest once per year on December 31 Required: 1,2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 102 (if...
Clem Company issued $840,000, 10- year, 4 percent bonds on January 1, 2015. The bonds sold for $761,000. Interest is payable annually on December 31. Using effective- interest amortization, prepare journal entries to record (a) the bond issuance on January 1, 2015, and (b) the payment of interest on December 31, 2015. The market interest rate on the bonds is 5 percent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)...
Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount
of $53,000 for $53,000 on January 1, 2021. The market interest rate
for bonds of similar risk and maturity is 5%. Interest is paid
annually on December 31.
Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1...
PARTS 1,2 &3
On January 1, Innovative Solutions, Inc., issued $250,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31. Required: 1, 2 & 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted...
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...