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Panamint Systems lCorporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Activity Base Cost Procurement $381,900 Number of purchase orders Scheduling $225,000 Number of production orders Materials handling $430,600 Number of moves Product development $739,100 Number of engineering changes Production $1,481,700 Machine hours Number Number of of Number Number of Number Purchase Production of Engineering Machine of Orders Orders Moves Changes Hours Units Disk 4,200 380 1,450 13 2,400 2,200 drives Tape 1,700 125 610 4 9,900 3,700 drives Wire 12,800 T20 3,800 21 12,000 2,600 drives Determine the activity rate for materials handling per move. The following amortization and interest schedule reflects the issuance of 10-year bonds by Bramble Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Carrying Year Cash Interest Unamortized Value 1/1/2014 $19,675 $ 154,425 2014 $17,410 $18,531 18,554 155,546 2015 17,410 18,666 17,298 156,802 2016 17,410 18,816 15,892 158,208 2017 17,410 18,985 14,317 159,783 2018 17,410 19,174 12,553 161,547 2019 17,410 19,386 10,577 163,523 2020 17,410 19.623 8,364 165,736 2021 17,410 19,888 5,886 168,214 2022 17,410 20,186 3,110 170,990 2023 17,410 20,520 174,100 (a) Indicate whether the bonds were issued at a premium or a discount. V (b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method. (c) Determine the stated interest rate and the effective-interest rate. (Round answers to O decimal places, e.g. 18%.) The stated rate % The effective rate % (d) On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2014. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2014 (e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2014. (Interest is paid January 1.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2014 (f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2021. Bramble Corporation does not use reversing entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Cre V eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer
