Question

*I just need help on the parts marked with an X! PLEASE include an explanation as well! This is only the practice version, so I need to do the graded version as well (which is the same questions with different numbers). Thank you! 

On January 1 of the current year, Banek Inc. issued $350,000 of 8%, nine‑year bonds for $309,086, which implies a market (yield) rate of 10%. Semiannual interest is payable on June 30 and December 31 of each year.

a. Show Excel inputs to confirm the bond issue price.
Note: Round your answer to two decimal places.

b. Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payment and discount amortization on June 30 of the current year, and (3) semiannual interest payment and discount amortization on December 31 of the current year.

Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.
Note: Round your answers to the nearest whole dollar.

Answer 1

Payment = -14,000

Future Value = -350000