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On June 1, 2020, JetCom Inventors Inc. issued a $610,000 6%, three-year bond. Interest is to...
On June 1, 2020, JetCom Inventors Inc. issued a $610,000 6%, three-year bond. Interest is to...
On June 1, 2020, JetCom Inventors Inc. issued a $610,000 6%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020 Required: a. Calculate the issue price of the bond assuming a market interest rate of 7%. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Issue price of the bond b. Using the effective interest method, prepare an amortization schedule. (Do not round Intermediate calculations. Round the final answers to the nearest...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and December 31 The date of issuance was January 1, 2017 The bonds mature after four years. The market interest rate was 6% Banjo Education Corp's year-end is December 31. (Use TABLE 14A1 and TABLE 14A2) Required: Preparation Component: 1. Calculate the issue price of the bond. (Use appropriate factor(s) from the tables provided. Round the final answer to the nearest whole dollar.) Issue price...
Help Save On March 1, 2020, Quinto Mining Inc. issued a $540,000, 8%, three-year bond. Interest...
Help Save On March 1, 2020, Quinto Mining Inc. issued a $540,000, 8%, three-year bond. Interest is payable semiannually beginning September 1, 2020. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 7% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Total issue price nces b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers...
On January 1, a company purchased 3%, 15-year corporate bonds for $42,359,796 as an investment. The...
On January 1, a company purchased 3%, 15-year corporate bonds for $42,359,796 as an investment. The bonds have a face amount of $60 million and are priced to yield 6%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31. Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Answer is complete but not entirely correct. Complete this question by...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%,...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
Tahoe Tent Ltd. issued bonds with a par value of $809,000 on January 1, 2017. The...
Tahoe Tent Ltd. issued bonds with a par value of $809,000 on January 1, 2017. The annual contract rate on the bonds was 16.50%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 14.50%, and the bonds were sold for $847,265. a. What is the amount of the original premium on these bonds? (Use financial calculator for calculating PV's.) Premium b. How much total bond interest...
Tahoe Tent Ltd. issued bonds with a par value of $819,000 on January 1, 2017. The...
Tahoe Tent Ltd. issued bonds with a par value of $819,000 on January 1, 2017. The annual contract rate on the bonds was 15.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 13.00%, and the bonds were sold for $858,648. a. What is the amount of the original premium on these bonds? (Use financial calculator for calculating PV's.) Premium b. How much total bond interest...
Tahoe Tent ud issued bonds with a par value of $803,000 on January 1 2017 The...
Tahoe Tent ud issued bonds with a par value of $803,000 on January 1 2017 The annual contract rate on the bonds was 13.50%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 11.50%, and the bonds were sold for $842,798 a. What is the amount of the orginal premium on these bonds (Use financial calculator for calculating PV's. Premium / b. How much total bond...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as an investment. The bonds have a face amount of $70 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31, Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Complete this question by entering your answers in...
On June 1, 2020, JetCom Inventors Inc. issued a $610,000 6%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020 Required: a. Calculate the issue price of the bond assuming a market interest rate of 7%. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Issue price of the bond b. Using the effective interest method, prepare an amortization schedule. (Do not round Intermediate calculations. Round the final answers to the nearest...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and December 31 The date of issuance was January 1, 2017 The bonds mature after four years. The market interest rate was 6% Banjo Education Corp's year-end is December 31. (Use TABLE 14A1 and TABLE 14A2) Required: Preparation Component: 1. Calculate the issue price of the bond. (Use appropriate factor(s) from the tables provided. Round the final answer to the nearest whole dollar.) Issue price...
Help Save On March 1, 2020, Quinto Mining Inc. issued a $540,000, 8%, three-year bond. Interest is payable semiannually beginning September 1, 2020. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 7% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Total issue price nces b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers...
On January 1, a company purchased 3%, 15-year corporate bonds for $42,359,796 as an investment. The bonds have a face amount of $60 million and are priced to yield 6%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31. Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Answer is complete but not entirely correct. Complete this question by...
Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc. issued 120, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
Tahoe Tent Ltd. issued bonds with a par value of $809,000 on January 1, 2017. The annual contract rate on the bonds was 16.50%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 14.50%, and the bonds were sold for $847,265. a. What is the amount of the original premium on these bonds? (Use financial calculator for calculating PV's.) Premium b. How much total bond interest...
Tahoe Tent Ltd. issued bonds with a par value of $819,000 on January 1, 2017. The annual contract rate on the bonds was 15.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 13.00%, and the bonds were sold for $858,648. a. What is the amount of the original premium on these bonds? (Use financial calculator for calculating PV's.) Premium b. How much total bond interest...
Tahoe Tent ud issued bonds with a par value of $803,000 on January 1 2017 The annual contract rate on the bonds was 13.50%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 11.50%, and the bonds were sold for $842,798 a. What is the amount of the orginal premium on these bonds (Use financial calculator for calculating PV's. Premium / b. How much total bond...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as an investment. The bonds have a face amount of $70 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31, Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Complete this question by entering your answers in...
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