Homework Answers
| 1 | ||||
| Year 1 May 1 | Cash | 465000 | ||
| Bonds payable | 465000 | |||
| Year 1 Nov 1 | Interest expense | 20925 | =465000*9%*6/12 | |
| Cash | 20925 | |||
| Year 5 Nov 1 | Bonds payable | 465000 | ||
| Gain on redemption of Bonds | 13950 | |||
| Cash | 451050 | =465000*0.97 | ||
| 2 | ||||
| Year 1 Mar 1 | Cash | 7190000 | ||
| Bonds payable | 7190000 | |||
| Year 1 Sept 1 | Interest expense | 431400 | =7190000*12%*6/12 | |
| Cash | 431400 | |||
| Year 3 Sept 1 | Bonds payable | 7190000 | ||
| Loss on redemption of Bonds | 143800 | |||
| Cash | 7333800 | =7190000*1.02 |
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