Mahalo Boat Adventure Inc. has a July $31$ year$-$end. It showed the following partial amortization schedules regarding two bond issues:

Bond Issue A

Period Ending $($A$)$

Cash

Interest Paid

$$780,000\backslash$times

$9\mathrm{.}0\%\backslash$times $6/12($B$)$

Period

Interest

Expense

$($E$)\backslash$times $8\mathrm{.}0\%\backslash$times $6/12($C$)$

Amort.

$($A$)($B$)($D$)$

Unamortized

Balance $($E$)$

Carrying

Value

$$780,000+($D$)$

June $1/23$ $ $49,371$ $ $829,371$

Dec. $1/23$ $ $35,100$ $ $33,175$ $ $1,92547,446827,446$

$$

$$

$$

$$

$$

$$

Dec. $1/2935,10032,0183,08217,362797,362$

June $1/3035,10031,8943,20614,156794,156$

Dec. $1/3035,10031,7663,33410,822790,822$

June $1/3135,10031,6333,4677,355787,355$

Dec. $1/3135,10031,4943,6063,749783,749$

June $1/3235,10031,3513,7490780,000$

Totals $ $631,800$ $ $582,429$ $ $49,371$

$*$Adjusted for rounding

$($For all requirements, do not round intermediate calculations. Round the final answers to the nearest whole dollar.$)$

Required:

$1.$ Bond Issue A

a$.$ Were the bond A issued at a premium and$/$or discount?

multiple choice $1$

Issued at discount

Issued at premium

Issued at premium & discount

b$.$ Journalize the issuance of bond A on June $1,2023.$

c$.$ What is the contract interest rate for the issue bond A$?$

d$.$ Interest of how much is paid how often for bond A issued?

e$.$ What is the term of bond A issue?

f$.$ Show how bond A would appear on the balance sheet under non$-$current liabilities at July $31,2029.($Enter all amounts as positive values.$)$

g$.$ Calculate the total bond A interest expense that would appear on the income statement for the year ended July $31,2030.$

h$.$ Independent of $($a$)$ through $($g$),$ assume bond A issues were retired on December $1,2030,$ at $97.$ Record the entries

Bond Issue B

Period Ending $($A$)$

Cash

Interest Paid

$$640,000\mathrm{.}0\backslash$times

$9\mathrm{.}0\%\backslash$times $3/12($B$)$

Period

Interest

Expense

$($E$)\backslash$times $9\mathrm{.}5\%\backslash$times $3/12($C$)$

Amort.

$($A$)($B$)($D$)$

Unamortized

Balance $($E$)$

Carrying

Value

$$640,000($D$)$

Apr. $1/21$ $ $20,512$ $ $619,488$

Jul. $1/21$ $ $14,400$ $ $14,713$ $ $31320,199619,801$

$$

$$

$$

$$

$$

$$

Apr. $1/2914,40015,0486485,765634,235$

Jul. $1/2914,40015,0636635,102634,898$

Oct. $1/2914,40015,0796794,423635,577$

Jan. $1/3014,40015,0956953,728636,272$

Apr. $1/3014,40015,1117113,017636,983$

Jul. $1/3014,40015,1287282,289637,711$

Oct. $1/3014,40015,1467461,543638,457$

Jan. $1/3114,40015,163763780< There are 3 Steps involved in it Step: 1 Get Instant Access to Expert-Tailored Solutions See step-by-step solutions with expert insights and AI powered tools for academic success Step: 2 Step: 3 Ace Your Homework with AI Get the answers you need in no time with our AI-driven, step-by-step assistance Get Started Recommended Textbook for Robo Auditing Using Artificial Intelligence To Optimize Corporate Finance Processes Authors: Patrick J.D. Taylor, Manish Singh, Nathanael J. L'Heureux 1st Edition ISBN: 1544511442, 978-1544511443 More Books Students also viewed these Accounting questions Question ★★★★★ Discuss major components you would incorporate in a privacy breach response plan. What do you think are the top three components of this type of plan? Why? Answered: 1 week ago Question ★★★★★ What is the input transformationoutput process? Answered: 1 week ago Question ★★★★★ 7. For each random variable de ned here, describe the set of possible values for the variable, and state whether the variable is discrete. a. X the number of unbroken eggs in a randomly chosen... Answered: 1 week ago Question ★★★★★ Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in... Answered: 1 week ago Question ★★★★★ Faith Evans Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ. Faith Evans Corp. has issued 10,000 units. Each unit consists of a... Answered: 1 week ago Question ★★★★★ Presented below are certain account balances of Crane Products Co. Rent revenue Interest expense Beginning retained earnings Ending retained earnings Dividend revenue Sales returns and allowances (a)... Answered: 1 week ago Question ★★★★★ . The Charter of Rights and Freedoms, part of Canada\'s constitution, was drafted broadly, with the expectation that its provisions would be interpreted by case law. Why do you think the drafters... Answered: 1 week ago Question ★★★★★ The COMMON law system is the system of law that courts follow in the U.S. It was borrowed from the British system and still exists in most countries that were once part of or still are part of the... Answered: 1 week ago Question ★★★★★ Mention a few food safety practices you will exercise when dealing with ready-to-eat foods? Answered: 1 week ago Question ★★★★★ Your team wants to compare two mean values after gathering eye tracking data of users who engaged with the Insurance Dashboard in Figure 1. You, as IT manager, suggest that they consider two... Answered: 1 week ago Question ★★★★★ What operating system and currently supported version have you used and what about itdid you not like?Explain why. Answered: 1 week ago Question ★★★★★ 9-10 In this exercise, youll use database software to develop an application that tracks customer service requests and analyzes customer data to identify customers meriting priority treatment. Prime... Answered: 1 week ago Question ★★★★★ 9-13 Why did WIM feel the need to implement an ERP system? Welding Industries Malaysia (WIM) is the only local Malasian company that manufactures welding machines for commercial use. WIMs remarkable... Answered: 1 week ago Question ★★★★★ 9-17 What are 3 reasons why a company would want to implement an enterprise resource planning (ERP) system and two reasons why it might not want to do so. Answered: 1 week ago Previous QuestionNext Question Study smarter with the SolutionInn App Services Sitemap Fun Definitions Become Tutor Study Help Categories Recent Questions Expert Questions Company Info Security Copyrights Privacy Policy Terms & Conditions SolutionInn Fee Scholarship Get In Touch About Us Contact Us Career Jobs FAQ Campus Ambassador Secure Payment Download Our App © 2024 SolutionInn. All Rights Reserved $