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need the right answer of this question urgently On October 1, 2020, Ross Wind Energy Inc. issued a $1,500,000, 7%, seven-year bond. Interest is to
need the right answer of this question urgently
On October 1, 2020, Ross Wind Energy Inc. issued a $1,500,000, 7%, seven-year bond. Interest is to be paid annually each October 1. Assume a November 30 year-end. (Use TABLE 14A1 and TABLE 14A.2.). (Use appropriate factor(s) from the tables provided.) Required: a. Calculate the issue price of the bond assuming a market interest rate of 6% on the date of the bond issue. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Issue price of the bond b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Ending Premium Amort Unamortized Premium Carrying Value Oct 1/20 OS O Oct 1/21 Oct 1/22 Oct 1/23 Cash Period Interest Interest Paid Expense S OS 105,000 1050 105.000 105,000 105,000 105.000 Oct 1/24 Oct 1/25 Oct 1/26 MSSINS 1 Saved Help Save & Exit Check my Part 1 Record the following entries: (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on October 1, 2020 b. Adjusting entry to accrue bond interest and premium amortization on November 30, 2020 c. Payment of interest on October 1, 2021 View transaction list View journal entry worksheet Debit Credit NO 1 Date General Journal October 01, 2020 Cash Bonds payablo Premium on bonds payable 2 November 30, 2020 Bond interest expense Premium on bonds payable Interest payable 3 October 01, 2021 Interest payable Bond interest expense Part 2 Show how the bond will appear on the balance sheet under non-current liabilities at November 30, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar) int ence Balance sheet (Partial) Non-current liabilitiesStep by Step Solution
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