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I need help with financial accounting. I have attached the problems needed Exercise 10-4A on page 567 A partial amortization schedule for a 10-year note
I need help with financial accounting. I have attached the problems needed
Exercise 10-4A on page 567 A partial amortization schedule for a 10-year note payable issued on January 1, 2016, is shown below. Acct. Period Principle Jan 1 Cash Payment Applied Interest Applied Principle 2016 $200,000 $27, 174 $12,000 $15,174 2017 184,826 27,174 11,090 16,084 2018 168,742 27,174 10,125 17,049 a. Using the financial statement model below, record the appropriate amounts for the following two events: 1. January 1, 2016, issue of note payable 2. December 31, 2016, payment on the note payable. Exercise 10-19A on page 571 On January 1, 2016, the Diamond Association issued bonds with a face value of $300,000, a stated rate of interest of 6%, and a 10-year term to maturity Interest is payable in cash on December 31 of each year. The effective rate of interest was 7% at the time the bonds were issued. The bonds sold for $278,932. Diamond used the effective interest rate method to amortize the bond discount. Determine the amount of the discount on the day of issue. Determine the amount of interest expense recognized on December 31, 2016. Determine the carrying value of the bond liability on December 31, 2016. Provide the general journal entry necessary to record the December 31, 2016, interest expense. Exercise 10-20A on page 571 On January 1, 2016, Parker Company issued bonds with a face value of $80,000, a stated rate of interest of 8%, and a 5-year term to maturity. Interest is payable cash on December 31 of each year. The effective rate of interest was 9% at the time the bonds were issued. The bonds sold for $76,888. Parker used the effective interest rate method to amortize the bond discount. Prepare an amortization table What items in the table would appear on the 2019 balance sheet? What items in the table would appear on the 2019 income statement? What items in the table would appear on the 2019 statement of cash flowsStep by Step Solution
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