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NEED ASAP PLEASE. PLEASE SHOW WORK FOR EACH REQUIREMENT AND WHERE THE NUMBERS ARE COMING FROM. THANK YOU! Help When Patey Pontoons issued 8% bonds
NEED ASAP PLEASE. PLEASE SHOW WORK FOR EACH REQUIREMENT AND WHERE THE NUMBERS ARE COMING FROM. THANK YOU!
Help When Patey Pontoons issued 8% bonds on January 1, 2021, with a face amount of $860,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31 (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by Patey on January 1, 2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2021? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2021? (Ignore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2024. 5 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 Req 5 and 6 Req 7 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollar.) Table values are based on: n = % Cash Flow Amount Present Value Interest Principal Price of bonds Mort Lompiere is question by entering your answers in the taus Deuw. Req 1 Reg 2 Reg 3 Req4 Req 5 and 6 Req 7 Prepare the journal entry to record their issuance by Patey on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) bed View transaction list ok ht Journal entry worksheet nces ! Next > Prepare the appropriate journal entries at maturity on December 31, 2024. (If no entry is required for a transaction/event, select "NO journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) Help Save View transaction list 2 points Journal entry worksheet Skipped Record the interest expense on December 31, 2024. Print References Note: Enter debits before credits. Date December 31, General Journal Debit Credit 2024 Record entry Clear entry View general journalStep by Step Solution
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