Question
Ivanhoe Company sold $3,240,000, 9%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The
Ivanhoe Company sold $3,240,000, 9%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
Prepare amortization table for issuance of the bonds sold at 102 for the first three interest payments.
Annual Interest Periods | Interest to Be Paid | Interest Expense to Be Recorded | Premium Amortization | Unamortized Premium | Bond Carrying Value | |||||
---|---|---|---|---|---|---|---|---|---|---|
Issue date | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | |||||
1 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
2 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
3 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount |
Prepare amortization table for issuance of the bonds sold at 97 for the first three interest payments.
Annual Interest Periods | Interest to Be Paid | Interest Expense to Be Recorded | Discount Amortization | Unamortized Discount | Bond Carrying Value | |||||
---|---|---|---|---|---|---|---|---|---|---|
Issue date | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | $enter a dollar amount enter a dollar amount | |||||
1 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
2 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | |||||
3 | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount | enter a dollar amountenter a dollar amount |
(note: this is due in 28 mins. please please help me out! thank you!)
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