F ulds Wald Re v iew hp = = File Home Insert Page Layout nut Verdana Copy - Format Painter BTU - Clipboard Font 10 - AA - - 2 Wrap Text Merge & Center Normal Conditional Format as Calculation Formatting Table Bad Check Cell Good Explanatory... Neutral Input . $-% Alignment Styles * fo ONLINE QUIZ 3 - CHAPTER 15 - LONG TERM LIABILITIES (BONDS) D E F G H P Q R Student's Name: Prof: E. Quaye ACC 102 - SPRING 2020 Date: March 5, 2020 Please use excel worksheet, format the cells properly and ensure you understand the reasoning behind the figures. YOU MUST SHOW YOUR WORK IN SYSTEMATIC ORDER TO RECEIVE FULL CREDIT Valley Manufacturing Co. issued a five (5) year $600,000 callable bond on January 1, 2015. The coupon rates 12% and the market interest rate is 8%. The bond certificate indicates that interest is paid quarterly on April 1, July 1, October 1 and January 1. Points (a) Use the present value tables to calculate the issue price of the band as an amount (b) Calculate the issue price as a percentage (c) Prepare the amortization schedule for the five years using the straight line method (d) Prepare the amortization schedule for the five years using effective interest rate method (e) Make journal entries to record interest expense for 2015 under the straight line method. Record the payment of interest on January 1, 2016 (1) Make journal entries to record interest expense for 2016 under the effective interest rate method. Record the payment of interest on January 1, 2017 (9) Prepare a partial balance sheet as of December 1, 2010 showing both the current and long term habeties section of the balance sheet using figures from the effective interest rate method. For questions 2 and 3 use calculations from the effective interest rate method. On July 1, 2019 Valley called and retired half (50%) of the bonds at 102. Make the journal entry to record the retirement of the bonds 3. Make the journal entry on the maturity date of the bands assuming no bonds were redeemed during the life of the bond. 1. Mahba Corporation sold $100,000 of 5% 8 year bonds for face value on April 1, 2016 instead of on January 1, 2016. Mahba pays interest on January 1 and July 1 each year. a. Prepare the journal entries to record the sale of the bonds on April 1, 2016 b. Prepare the journal entry to record the first sem annual interest payment on July 1, 2016 how the bond interest expense in T account form on July 1, 2016 C