-525a 404.890 eb X + n/takeAssignment/take AssignmentMain.do?invokerStakeAssignmentSessionLocator=&inprogress-false NCHSAnywhere eBook Show Me How Calculator Print Item Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $16,200,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Chin Company receiving cash of $15,574,483. a. Journalize the entries to record the following: 1. Issuance of the bonds 2. First semiannual interest payment. The bond discount amortization, using the straight line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) For a compound transaction, an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar 1 2 3. MG 05669 O FACE STIVHX 0567109 G Client Orientation...pdf . 5:52 102 payment. (Round your answer to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest de 1 2. 110 111 11 III III III b. Determine the amount of the bond interest expense for the first year. c. Why was the company able to issue the bonds for only $15,574,483 rather than for the face amount of $16,200,0007 The market rate of interestis the contract rate of interest Check My Work 2 more Check My Work uses remaining Spre IMG_0567.jpg MG_05669 O HACE SHEETIMEX Client orientation.pdf o ED 0 R -525a 404.890 eb X + n/takeAssignment/take AssignmentMain.do?invokerStakeAssignmentSessionLocator=&inprogress-false NCHSAnywhere eBook Show Me How Calculator Print Item Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Chin Company issued $16,200,000 of five-year, 9% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Chin Company receiving cash of $15,574,483. a. Journalize the entries to record the following: 1. Issuance of the bonds 2. First semiannual interest payment. The bond discount amortization, using the straight line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount amortization, using the straight-line method, is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) For a compound transaction, an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar 1 2 3. MG 05669 O FACE STIVHX 0567109 G Client Orientation...pdf . 5:52 102 payment. (Round your answer to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest de 1 2. 110 111 11 III III III b. Determine the amount of the bond interest expense for the first year. c. Why was the company able to issue the bonds for only $15,574,483 rather than for the face amount of $16,200,0007 The market rate of interestis the contract rate of interest Check My Work 2 more Check My Work uses remaining Spre IMG_0567.jpg MG_05669 O HACE SHEETIMEX Client orientation.pdf o ED 0 R
