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Instructions Present Value Tables Chart of Accounts Journal Final Questions Instructions Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $30,000,000 of 10 year, 10% bonds at a market (effective interest rate of snacelving cash of $31.951,110. Interest on the bonds is payable semiannually on December 31 and June 30 The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 2011, 2. Journalize the entries to record the following: a The first semiannual interest payment on December 31, 20Y1, and the amortization of the bond premium, using the straight line method (Round to the nearest dollar) b. The interest payment on June 30, 2012, and the amortization of the bond premium, using the straight-line method (Round to the nearest dollar) 3. Determine the total interest expense for 20Y1. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market to? 5. Compute the price of $31.951,110 received for the bonds by using the present water tables (Round to the nearest out) *Refer to the Chart of Accounts for exact wording of account bites. Check My Work 2 more Check My Work uses remaining All work saved Journal Shaded olies have le 1. and 2. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account bites. Round to the nearest dollar How does grading work? JOURNAL Score: 75/75 ACCOUNTING EQUATION DESCRIPTION POST REE CREDIT ASSETS LABETES DATE Jul 1 Cash DEBIT 31951.110.00 1 + 2 1 1951,110.00 30,000,000.00 3 T Premium on Bonds Payable Bonds Payable Dec. 31 Interest Expense Premium on Bonds Payable 4 1.402.44400 1 5 97,556.00 Cash 1.500.000,00 Po 14/14 How does grading work? Check My Work 2 more Check My Works remaining Save and Est Sube de All work saved Shaded cols have How does grading work? Points 14/14 JOURNAL DATE Jun 30 Score: 37/37 1 ACCOUNTING EQUATION DESCRIPTION Interest Expense Premium on Bonds Payable POST REY CADIT 2 DENT 1,402.444.00 97556.00 3 Cash 1.500.000.00 Feedback Check My Work Bonds Payable is always recorded at face value. Any difference in isse price is reacted in a produto The straight-line method of amortization provides equal amount of mortization over the le of the bort Check My Work 2 more Check My Work uses remaining All work saved Saudi 30 go Du Fa FO Instructions Journal Final Questions Shaded can 3. Determine the total interest expense for 20Y1. Enter amount as a positive number. $1,402.444 Hi Point 4. Ww the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? O Yes
