Homework Answers
| Answer: | |||||
| Question -9 | |||||
| Annual Interest payment of Bonds = $ 300000 * 9% | |||||
| Payment of Annual Interest = $ 27000 | |||||
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QUESTION 9 Short answer - fill in the blanks below. On December 31, 2018, Hanks Service...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate...
Spongebob Corporation issued $700,000, 10%, 23 year bonds on December 31, 2018, when the market rate...
Spongebob Corporation issued $700,000, 10%, 23 year bonds on December 31, 2018, when the market rate of interest was 12%. The bonds pay interest semi-annually each June 30 and December 31. What is the face value of the bond? exact number, no tolerance Spongebob Corporation issued $700,000, 10%, 23 year bonds on December 31, 2018, when the market rate of interest was 12%. The bonds pay interest semi-annually each June 30 and December 31. What is the stated rate of...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Give the required journal entries on (1) December 31, 2018, the issue date and (2) June 30, 2019, the first interest payment date in the attached workpaper. You do not have...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Was the bond issued at a premium or a discount. Type in 1 for discount or 2 for premium. exact number, no tolerance On December 31, 2018, P. Star...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was...
QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Int...
QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Interest on the bonds is pay slo semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing coration is $5,060,000, which statement is correct? The bonds were issued at a premium. The amount of cash paid to bondholders on the next interest date, June 30, 2017 is $300,000 The amount of cash paid...
During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The...
During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31 2018 Mar. 1 Issued $300,000 of 10 year, 7 percent bonds for $285,000. The semiannual canh payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec.31 Recognized accrued interest expense including the amortization...
1 Bonds payable-various issues On January 1, 2018, $50 million face amount of 9%, 10-year bonds...
1 Bonds payable-various issues On January 1, 2018, $50 million face amount of 9%, 10-year bonds were issued. The bonds pay interest on an annual basis on December 31 each year. The market interest rates were slightly higher than 9% when the bonds were sold. Required: b. Calculate the interest that will be paid annually on these bonds? Explain if the bonds were issued at a premium or discount? What does it mean to issue a share at a premium?...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of Interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Was this bond issued at a premium or discount? Type in a 1 for discount and a 2 for premium. exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%,...
The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below:...
The balance sheet at December 31, 2018, for Nevada Harvester Corporation includes the liabilities listed below: 8% bonds with a face amount of $50 million were issued for $50 million on October 31, 2009. The bonds mature on October 31, 2029. Bondholders have the option of calling (demanding payment on) the bonds on October 31, 2019, at a redemption price of $50 million. Market conditions are such that the call is not expected to be exercised. Management intended to refinance...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate...
Spongebob Corporation issued $700,000, 10%, 23 year bonds on December 31, 2018, when the market rate of interest was 12%. The bonds pay interest semi-annually each June 30 and December 31. What is the face value of the bond? exact number, no tolerance Spongebob Corporation issued $700,000, 10%, 23 year bonds on December 31, 2018, when the market rate of interest was 12%. The bonds pay interest semi-annually each June 30 and December 31. What is the stated rate of...
On December 31, 2018, P. Star Corporation issued $300,000, 12%, 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Give the required journal entries on (1) December 31, 2018, the issue date and (2) June 30, 2019, the first interest payment date in the attached workpaper. You do not have...
On December 31, 2018, P. Star Corporation issued $300,000, 12 % , 15-year bonds for $346,120 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. P. Star uses the effective interest method of amortization to amortize any premium or discount. Was the bond issued at a premium or a discount. Type in 1 for discount or 2 for premium. exact number, no tolerance On December 31, 2018, P. Star...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. What is the face value of the bond? exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of interest was...
QUESTION 1 On F ruary 28, 2017, 55,000,000 of 6%, 10-year bonds payable, dated December 31, 2016, are issued. Interest on the bonds is pay slo semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing coration is $5,060,000, which statement is correct? The bonds were issued at a premium. The amount of cash paid to bondholders on the next interest date, June 30, 2017 is $300,000 The amount of cash paid...
During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31 2018 Mar. 1 Issued $300,000 of 10 year, 7 percent bonds for $285,000. The semiannual canh payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec.31 Recognized accrued interest expense including the amortization...
1 Bonds payable-various issues On January 1, 2018, $50 million face amount of 9%, 10-year bonds were issued. The bonds pay interest on an annual basis on December 31 each year. The market interest rates were slightly higher than 9% when the bonds were sold. Required: b. Calculate the interest that will be paid annually on these bonds? Explain if the bonds were issued at a premium or discount? What does it mean to issue a share at a premium?...
On December 31, 2018, Squidward Corporation issued $500,000, 8%, 20-year bonds for $414,210 cash when the market rate of Interest was 10%. The bonds pay interest semi-annually each June 30 and December 31. Squidward uses the effective interest method of amortization to amortize and premium or discount. Was this bond issued at a premium or discount? Type in a 1 for discount and a 2 for premium. exact number, no tolerance On December 31, 2018, Squidward Corporation issued $500,000, 8%,...
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