![ssignment CALCULATOR PRI INTER VERSION 4BACK ? (b) sells $396,000 of 1296 bonds on June 1, 2017. The bonds pay interest on December 1 and June 1. The due date of the bonds is ]une 1, 2021. The bonds yield 8%. October 1, 2018, Buffalo buys back $118,800 worth of bonds for $125,800 (includes accrued interest) Prepa are a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year- (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Carrying Cash Paid Interest Expense Discount Aount of Amortized Bonds Date 12/1/18 Activate 12/1/19 6/1/20 12/1/20](http://img.homeworklib.com/questions/cad313f0-0cbf-11ec-8517-5595722ff7f6.png?x-oss-process=image/resize,w_560)
Homework Answers
| Par value of Bonds | 396000 | ||||
| Stated rate of interest | 12% | ||||
| Semi-annual interest | 23760 | ||||
| Annuity factor for 8 periods at 4% | 6.7327 | ||||
| Present value factor at 4% | 0.7307 | ||||
| Present value of interest | 159969 | ||||
| Present value of maturity amount | 289357.2 | ||||
| Issue price | 449326 | ||||
| Amort chart | |||||
| Date | Cash | Interest | Premium | Carrying Amount | |
| Paid | Expense | Amortized | of bonds | ||
| 06.01.17 | 449326 | ||||
| 12.01.17 | 23760 | 17973 | 5787 | 443539 | |
| 06.01.2018 | 23760 | 17742 | 6018 | 437521 | |
| 12.01.18 | 23760 | 17501 | 6259 | 431261 | |
| 06.01.19 | 23760 | 17250 | 6510 | 424752 | |
| 12.01.19 | 23760 | 16990 | 6770 | 417982 | |
| 06.01.20 | 23760 | 16719 | 7041 | 410941 | |
| 12.01.20 | 23760 | 16435 | 7325 | 403616 | |
| 06.01.21 | 23760 | 16144 | 7616 | 396000 | |
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