I am looking namely for the solution to parts 6 and 7, I have parts one through five already completed The work for numbers one through five is from this link https www chegg com homework help questions and answers using accounting standards codification 470 subtopic 50 section 40 subsection 2 formerly f q28418391 Using Accounting Standards Codification 470 (Subtopic 50 Section 40 Subsection 2) (formerly FASB Statement No 145, Rescission of FASB Statements No 4, 44, and 64, Amendment of FASB Statement No 13, and Technical Corrections , par 6 ) On 1 1 16, BIGDEBT issued $9,000,000 face value bonds, dated 1 1 16, with a coupon rate (aka stated rate) of 7 The market rate of interest on the date the bonds were issued was 5 (Interest is paid semiannually on 6 30 and 12 31 The bonds have a 5 year life, with principal due on 12 31 20 Use the effective interest method of amortizing any Bond Discount or Bond Premium (Do NOT use straight line amortization ) ROUND ALL AMOUNTS TO THE NEAREST WHOLE DOLLAR BIGDEBT's fiscal year is the calendar year 1 Compute the cash received from the issue on 1 1 16 ANSWER COMPUTATIONS 2 Prepare the journal entry to record the issuance on 1 1 16 If there is a Discount or Premium, show it in a separate account in your journal entry ACCOUNTS DEBIT CREDIT 3 Prepare and attach an amortization schedule for the entire five year life (ten semi annual interest periods) of the bonds Put schedule on a separate sheet and attach to last page 4 Prepare the journal entry to record the 6 30 16 interest payment and any discount premium amortization ACCOUNTS DEBIT CREDIT 5 Prepare the journal entry to record the 12 31 17 interest payment and any discount premium amortization (NOTE THE DATE ) ACCOUNTS DEBIT CREDIT 6 Assume all the data about the bond issue (as given in requirement 1) EXCEPT that BIGDEBT's fiscal year is 9 1 to 8 31 Based on this assumption, prepare the required adjusting journal entry to record interest on 8 31 16 ACCOUNTS DEBIT CREDIT 7 Assume all the data about the bond issue (as given in requirement 1 above) EXCEPT that the bonds were actually issued on 4 1 16 Prepare the journal entry to record the issuance on 4 1 16 (WATCH THE DATE ) ACCOUNTS DEBIT CREDIT

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I am looking namely for the solution to parts 6 and 7, I have parts one through five already completed. The work for numbers one

I am looking namely for the solution to parts 6 and 7, I have parts one through five already completed. The work for numbers one through five is from this link: https://www.chegg.com/homework-help/questions-and-answers/using-accounting-standards-codification-470-subtopic-50-section-40-subsection-2-formerly-f-q28418391 Using Accounting Standards Codification 470 (Subtopic 50; Section 40; Subsection 2) (formerly: FASB Statement No. 145, Rescission of FASB Statements No.4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections, par. 6.): On 1/1/16, BIGDEBT issued $9,000,000 face value bonds, dated 1/1/16, with a coupon rate (aka: stated rate) of 7%. The market rate of interest on the date the bonds were issued was 5% (Interest is paid semiannually on 6/30 and 12/31. The bonds have a 5-year life, with principal due on 12/31/20. Use the effective interest method of amortizing any Bond Discount or Bond Premium. (Do NOT use straight-line amortization!) ROUND ALL AMOUNTS TO THE NEAREST WHOLE DOLLAR!

BIGDEBT's fiscal year is the calendar year.

1. Compute the cash received from the issue on 1/1/16:

ANSWER:____________

COMPUTATIONS:

2. Prepare the journal entry to record the issuance on 1/1/16. If there is a Discount or Premium, show it in a separate account in your journal entry.

	ACCOUNTS	DEBIT	CREDIT




3. Prepare and attach an amortization schedule for the entire five-year life (ten semi-annual interest periods) of the bonds. Put schedule on a separate sheet and attach to last page.


4. Prepare the journal entry to record the 6/30/16 interest payment and any discount/premium amortization.
	ACCOUNTS	DEBIT	CREDIT




5. Prepare the journal entry to record the 12/31/17 interest payment and any discount/premium amortization. (NOTE THE DATE!!)
	ACCOUNTS	DEBIT	CREDIT

6. Assume all the data about the bond issue (as given in requirement #1) EXCEPT that BIGDEBT's fiscal year is 9/1 to 8/31. Based on this assumption, prepare the required adjusting journal entry to record interest on 8/31/16.

ACCOUNTS	DEBIT	CREDIT




7. Assume all the data about the bond issue (as given in requirement #1 above) EXCEPT that the bonds were actually issued on 4/1/16. Prepare the journal entry to record the issuance on 4/1/16. (WATCH THE DATE!!!)

ACCOUNTS	DEBIT	CREDIT