horngrens accounting 12th edition

chapter 14 problem 47 CP

need it solved and show work

gnore rounding errors on the last payment. references and relative cell references in formulas function, calculate the payment amount and complete the amortization schedule n calculates a payment amount that results in a negative number. Reverse this to a positive number for calcula- tization schedule. two decimal places and ignore rounding errors on the last payment. references and relative cell references in formulas > Continuing Problem P14-47 Describing bonds, journalizing transactions for bonds payable using the straight-line amortization method, and journalizing transactions for a mortgage payable This problem continues the Canyon Canoe Company situation from Chapter 13. Canyon Canoe Company is considering raising additional capital for further expansion. The company wants to finance a new business venture into guided trips down the Amazon River in South America. Additionally, the company wants to add another building on their land to offer more services for local customers. Canyon Canoe Company plans to raise the ecapital by issuing $210,000 of 7.5%, six-year bonds on January 2, 2020. The bonds pay interest semiannually on June 30 and December 31. The company receives $208,476 when the bonds are issued. The company also issues a mortgage payable for $450,000 on January 2, 2020. The proceeds from the mortgage will be used to construct the new building. The mortgage requires annual payments of $45,000 plus interest for ten years, payable on December 31. The mortgage interest rate is 8 % . Requirements 1. Will the bonds issue at face value, a premium, or a discount? 2. Record the following transactions. Include dates and round to the nearest dollar. Omit explanations Long-Term Liabiliti- a. Cash received from the bond issue b. Cash received from the mortgage payable. c. Semiannual bond interest payments for 2020. Amortize the premium or discount using the straight-line amortization method. d. Payment on the mortgage payable for 2020. 3. Calculate the total interest expense incurred in 2020. COMPREHENSIVE PROBLEM > Comprehensive Problem for Chapters 11, 13, and 14 The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares of $1 par value common stock and 50,000