Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For question S9-8, I added answers there but they are not right. S9-13 (book/static) Jackson Corporation issued S60 000 of 6%, 10-year bonds payable on

image text in transcribed

For question S9-8, I added answers there but they are not right.

S9-13 (book/static) Jackson Corporation issued S60 000 of 6%, 10-year bonds payable on January 1, 2016. The market interest ate at the date or ss an e was a Read the requirements 1. Using the PV function in Excel , calculate the issue price of the bonds. (Round your answer to the nearest whole dollar) The issue price of the bonds is $ 698,109 2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar Question Help ? at nu end and the Jackson Corp aon bonds ay terest sen asay acko Premium Premium Account Amortization Balance Bond Interest Interest Carrying Interest Date Jan 1, 2016 Jun 30, 2016 Expense 698,109 S9-8 (similar to) hat the accounting year of Moore ends on December 31 and that bonds pay intorest on Moore Corp issued 65% five year bonds payable with a face amount of S 110 000 when Joumalize the following transactions for Moore Include an explanation for each entry (Record dobits firad, thon the market interest rate was 6 5%. Assume t credits. Select the explanation on the last line of the joumal entry table.) Issuance of the bonds payable at par on July 1,2016 b. Accrual of interest expense on December 31, 2016 (rounded to the nearest dollar) c. Payment of cash interest on January 1, 2017 d. Payment of the bonds payable at maturity (give the date) a. Issuance of the bonds payable at par on July 1, 2016 Journal Entry Debit Credit Date Accounts and Explanations 110,000 110,000 2016 Cash Jul 1 Bonds Payable %) S9-11 (book/static) HartleyCorporation issued $520,000 of 5%, 12-year bonds payable on March 31, 2016. The market interest rate at the date of March 31. issuance was 8%, and the Hartey Corporation bonds pay terest se aty Hartley Con easons year a v 1. Using the PV function in Excel, calculate the issue price of the bonds an effective-interest amortization table for the bonds through the first three interest payments. Round amounts to the nearest dollar issuance of the bonds on March 31,2016, and payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2016. Explanations are not required .Using the PV function in Excer calculate the issue price of the bonds. (Round your answer to the nearest whole dola:) The issue price of the bonds is $ 401,074 2 Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dolar Bond Interost Discount Interest Date Mar 31, 2016 Sep 30, 2016 Expense Amortization Balance 18,926 401,074

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Edp Objective Questions And Explanations

Authors: Irvin N. Gleim, William A. Hillison

5th Edition

0917537521, 978-0917537523

More Books

Students also viewed these Accounting questions