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in picture 3 the forth categories named got cut off particialy but its full name is Bond Amortized Cost -/1 E Question 2 of 5
in picture 3 the forth categories named got cut off particialy but its full name is "Bond Amortized Cost"
-/1 E Question 2 of 5 View Policies Current Attempt in Progress On May 1, 2021, Ivanhoe Corp. issued $850,000 of 5-year, 7% bonds at 98. The bonds pay interest annually on May 1. Ivanhoe's year end is April 30 Record the issue of the bonds on May 1, 2021 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Date Account Titles and Explanation May 1 Credit e Textbook and Media List of Accounts Calculate the effective rate of the bonds using Excel or a hnancial calculator. (Round answer to 4 decimal places, eg 1.5751.) Effective rate % e Textbook and Media List of Accounts Question 2 of 5 5 > -/1 in Ivanhoe CORP. Bond Discount Amortization Table Effective Interest Method-Annual Interest Payments Interest Expense Discount Amortization Date Interest Payment Bond Amortizer May $ $ $ $ 1. 2021 May 1 2022 May 1 2023 May 1, 2024 May 1 2025 May 1. 2026 Record the accrual of interest at April 30, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to decimal places, eg,5,276.) Date Account Titles and Explanation Debit Credit Apr. 30 (To accrue interest expense.) e Textbook and Media List of Accounts Record the interest payment on May 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 To record interest payment.) e Textbook and Media List of Accounts Assuming instead that Ivanhoe has a December 31, 2021, year end, prepare the adjusting entry relating to these bonds and the subsequent interest payment on May 1, 2022 (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the accountitles and enter for the amounts. Round answers to decimal places, eg. 5,276) Date Account Tities and Explanation Debit Credit Dec. 31 To accrue interest expense.) May 1 (To record interest payment.) Assume that on May 1, 2022, after payment of the interest, Ivanhoe redeems all of the bonds at 104. Record the redemption of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5276) Date Account Titles and Explanation Debit Credit May 1 (To record redemption of bonds)Step by Step Solution
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