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homework help please! 1. On January 1, 2022, Walloon Company issued its 7% bonds in the face amount of $40,000, which mature on January 1,2027
homework help please!
1. On January 1, 2022, Walloon Company issued its 7% bonds in the face amount of $40,000, which mature on January 1,2027 . The bonds were issued for $43,464 to yield 5%. Scottsdale uses the effective-interest method of amortizing bond discounts and premiums. Interest is payable annually on December 31 . The 12/31/24 Premium on Bond Payable balance is: 2. Sydney Company issued 300$1,000 bonds at 95 . Each bond was issued with two detachable stock warrants. Shortly after issuance, the bonds were selling at 94 , and the warrants were selling for $60 each. Instructions: Prepare the entry to record the issuance of the bonds and warrants. 3. The Cinci Company issues $100,000,10% bonds at 96 on May 1,2022 . The bonds are dated January 1, 2022 and mature seven years from that date. Straight-line amortization is used. Interest is paid annually each December 31 . Compute the bond carrying value as of December 31,2027. 4. At December 31, 2025, the following balances existed for MICPA Corporation: The bonds mature on 12/31/30. Straight-line amortization is used. If 60% of the bonds are retired at 102 on January 1,2028 , what is the gain or loss on early extinguishment? Required Compute the answer for each of the four problems. Show supporting computation. No need to show the questions. Submission Instructions You must use Excel to complete your assignment. Present all answers on one worksheet within your file. Show supporting computations. Follow text examples for proper formatting Show only whole dollars, i.e., do not show cents. Dollar signs should be used only on the first and last line in a column of numbers. Use proper underlining, as follows: a. Single underline prior to a subtotal or total. b. Double underline for final totals Step by Step Solution
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