P15-1A Zefer.com issued $500,000 of ten-year. 8% bonds payable at par on May 1, 20X5. The bonds
Question:
P15-1A Zefer.com issued $500,000 of ten-year. 8% bonds payable at par on May 1, 20X5. The bonds pay interest each April 30 and October 31, and the company ends its accounting year on December 31. Required 1. Fill in the blanks to complete these statements:
a. Zefer.com's bonds are priced at (express the price as a percentage).
b. When Zefer.com issued its bonds, the market interest rate was %.
c. The amount of bond discount or premium for Zefer.com to account for is $. because the bonds were issued at. 2. Journalize for Zefer.com
a. Issuance of the bonds payable on May 1, 20X5.
b. Payment of interest on October 31, 20X5.
c. Accrual of interest at December 31, 20X5.
d. Payment of interest on April 30, 20X6. 3. Show what Zefer.com will report on its income statement for 20X5 and on its balance sheet at December 31, 20X5.
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