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I am doing this homework but our teacher does not help us at all, or let us know if we are on the right track. Therefore, I would like someone else to do it as well so that I can check my answers to theirs. Thank you!

ACC 302/502 Homework #1 (Z) OL 1. Name: ___________________________ Date: ____________________________ On January 1, 2015, Geller Company issued its 8% bonds in the face amount of $3,000,000, which mature on January 1, 2025. The bonds were issued for $3,441,591 to yield 6%. Geller uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2016, the adjusted unamortized bond premium should be Answers $_______________ 2. On July 1, 2016, Scheich Company issued 8% bonds in the face amount of $5,000,000, which mature on July 1, 2022. The bonds were issued for $4,365,416 to yield 11%. Scheich uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2019, the unamortized bond discount should be Answers $________________ 3. The Whittier Company issues $100,000, 10% bonds at 104 on April 1, 2016. The bonds are dated January 1, 2016 and mature ten years from that date. Straight-line amortization is used. Interest is paid annually each December 31. Compute the bond carrying value as of December 31, 2022. Answers $_______________ 4. At December 31, 2017, the following balances existed for Sweeney Corporation: Bonds Payable (10%) Premium on Bonds Payable $1,500,000 40,000 The bonds mature on 12/31/22. Straight-line amortization is used. If 30% of the bonds are retired at 105 on January 1, 2019, what is the loss on early extinguishment? Answer $_______________ Required: Compute the answer for each of the four problems. Show supporting computation. No need to show questions. /var/filecabinet/temp/converter_assets/0f/59/qattachments_0f59da8047f619dd5197931f0c9c85d95557b129.docx 1/16/17 1 SUBMISSION INFORMATION: Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, and Homework #1 in the upper left corner. Submit your assignment through the upload feature within Moodle. Assignments should not be emailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN \"DRAFT\" STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete the submission process. /var/filecabinet/temp/converter_assets/0f/59/qattachments_0f59da8047f619dd5197931f0c9c85d95557b129.docx 1/16/17 2