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Gilmartin Corporation issued $300,000 of 12%, 10-year bonds payable on January 1, 2022. The market interest rate at the date of issuance was 10%, and
Gilmartin Corporation issued $300,000 of 12%, 10-year bonds payable on January 1, 2022. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually (on June 30 and December 31). Gilmartin Corporation's year-end is June 30. Gilmartin prepared an effective-interest amortization table for the bonds through the first three interest payments as follows: (Click the icon to view the amortization schedule.) Read the requirements. X 1. How much cash did Gilmartin Corporation borrow on January 1, 2022 On January 1, 2022, Gilmartin borrowed At maturity Gilmartin will pay back Get more help- Reference D Semiannual Interest Date Payment Interest Interest Expense Premium Premium Account Amortization Balance Bond Carrying Amount Jan 1, 2022 37,387 337.387 Jun 30, 2022 18.000 16.869 1,131 36,256 336,256 Dec 31, 2022 18,000 16.813 1,187 35.009 335019 Jun 30, 2023 18,000 16,753 1.247 33.822 333.822 Print Done Gilmartin Corporation issued $3 June 30 and December 31). Gil follows: Click the icon to view the a Reference Read Reference ments. Semiannual Interest Interest Date Payment Interest Expense Premium Premium Account Amortization Balance Bond Carrying Amount Jan 1, 2022 37,387 337,387 Jun 30, 2022 18,000 16,860 1,131 36.250 336,256 1. How much cash did Gilmartin On January 1, 2022, Gilmartin Dec 31, 2022 18,000 16,813 1,187 35.069 335,069 Jun 30, 2023 18,000 16,753 1,247 33,822 333,822 At maturity Gilmartin will pay Print Done X the bonds pay interest s he first three interest pay
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