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Please answer parts A through D.
On January 1st, 2016, Whale Boats Co. issued a 6...
Question 7 (1 point) On January 1st, 2016, Whale Boats Co. issued a 9 year $800,000...
Question 7 (1 point) On January 1st, 2016, Whale Boats Co. issued a 9 year $800,000 bond with a 5% coupon rate paid quarterly on March 31st, June 30th, September 30th, and December 31st for $680,000. Whale Boats Co. records interest quarterly. What is the discount amortization recorded by the firm on March 31st, 2016 (if no discount is recorded answer O)? Assume a straight-line method of amortizing the discount. Your Answer: Answer Question 8 (1 point) On January 1st,...
On January 1st, 2016, Whale Boats Co. issued a 9 year $670,000 bond with a 3%...
On January 1st, 2016, Whale Boats Co. issued a 9 year $670,000 bond with a 3% coupon rate paid quarterly on March 31st, June 30th, September 30th, and December 31st for $900,000. Whale Boats Co. records interest quarterly. What is the premium amortization recorded by the firm on March 31st, 2017 (if no premium is recorded answer 0)? Assume the firm amortizes premium using the straight-line method.
Please answer all parts of this question. On June 1st, Port Boats Co. pays $9,000 to...
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
On January 1, 2018 a company issued a 4-year, $600,000 bond with a coupon rate of...
On January 1, 2018 a company issued a 4-year, $600,000 bond with a coupon rate of 3% and a market rate of 4% on the date of issuance. Interest is paid semi-annually on June 30th and December 31st. What is the issue price of the bond?
SCENARIO SIX Funama Limited borrowed K800,000 on 1st January 2014 from Palama Bank. The loan attracts...
SCENARIO SIX Funama Limited borrowed K800,000 on 1st January 2014 from Palama Bank. The loan attracts interest rate of 10% per annum. The loan was for the construction of its office block. Construction commenced on 1st April 2014 and is likely to be completed on 31st March 2016. On 30th September 2014, construction works were suspended because of striking construction workers. However, construction works resumed on 1st January 2015. Note: Interest for the year to 31st December 2014 has been...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of callable, mortgage bonds (secured by 2200000 of property and equipment at market value ). The bond paid interest at a rate of 8% per year and had a term of 6 year. Interest way payable each September 30th and march 31st. On July 1, 2017 ABC INC issued 1000 of the bonds in exchange for cash in the total amount of $906000. On October...
On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,840,000. The...
On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,840,000. The firm borrowed 65% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $294,850 with a semiannual interest rate of 11%. Alligator Supplies records interest semiannually. What is the reduction in the note payable recorded by the firm on December 31st, 2016? Your Answer: Answer On July...
HKUST Inc. issued a bond on January 1st, 2019 with a market interest rate (“yield”) of...
HKUST Inc. issued a bond on January 1st, 2019 with a market interest rate (“yield”) of 11%. However, HKUST Inc. decided to pay a coupon rate of 9%. The “face-value” of the bond was 10,000 dollars. This bond will be due on December, 31st, 2020 and will be paid semi-annually. Required: Record the above bond transaction with a) straight-line method and b) effective interest method. Explain their differences.
Oscar, Inc. issued a $500,000, 5.5%, 10-year bond on January 1, 2016. The market rate of...
Oscar, Inc. issued a $500,000, 5.5%, 10-year bond on January 1, 2016. The market rate of interest at issuance was 6%. The bonds make semi-annual interest payments on July 1st and January 1st. The corporation’s fiscal year ends on December 31. The corporation accounts for the bonds using the effective-interest method a) Calculate the price of the bond at issuance on January 1, 2016 b) Prepare any journal entry the company records on December 31, 2016
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st On July 1, 2017. Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
Question 7 (1 point) On January 1st, 2016, Whale Boats Co. issued a 9 year $800,000 bond with a 5% coupon rate paid quarterly on March 31st, June 30th, September 30th, and December 31st for $680,000. Whale Boats Co. records interest quarterly. What is the discount amortization recorded by the firm on March 31st, 2016 (if no discount is recorded answer O)? Assume a straight-line method of amortizing the discount. Your Answer: Answer Question 8 (1 point) On January 1st,...
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,840,000. The firm borrowed 65% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $294,850 with a semiannual interest rate of 11%. Alligator Supplies records interest semiannually. What is the reduction in the note payable recorded by the firm on December 31st, 2016? Your Answer: Answer On July...
FINANCIAL ACCOUNTING II Effective April 1, 2016, The Syracuse Corporation, which has a year- end of December 31st, authorized $1,500,000 of callable, mortgage bonds (secured by $2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of eight percent per year and had a term of six years. Interest was payable each September 30th and March 31st On July 1, 2017. Syracuse issued 1,000 of the bonds in exchange for cash in the total amount...
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