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need to be answered in 30mins or less Hea On March 1 2020. Quinto Mining Inc issued a $700,000,9%, three year bond. Interest is payable
need to be answered in 30mins or less
Hea On March 1 2020. Quinto Mining Inc issued a $700,000,9%, three year bond. Interest is payable semiannually beginning September 1, 2020 Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 8% on the date of issue. (Do not found intermediate calculations Round the final answer to nearest whole dollar) Total Issue price b. Using the effective interest method, prepare an amortization schedule. (Do not round Intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) Cash Interest Period interest Paid Expense Premium Amort Un amortired Premium Carrying Value Period Ending Mar 1/20 Sept. 1/20 Mar 1/21 Sept 1/21 Mar 1/22 Sept. 1/22 b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Period Interest Paid Expense Premium Un amortired Currysg Valu Mar. 1/20 Sept. 1/20 Mar 1/21 Sept 1/21 Mar 1/22 Sept 1/22 Mar 1/23 Total c. Record the entries for the issuance of the bond on March 1. the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quinto's year-end, and the payment of interest on September 1, 2020. (Do not round Intermediate calculations Round the final answers to nearest whole dollar) c. Record the entries for the issuance of the bond on March 1, the adjusting entry to accrue bond interest and related amortization on April 30, 2020. Quinto's year-end, and the payment of Interest on September 1, 2020. (Do not round intermediate calculations Round the final answers to nearest whole dollar) View transaction list Journal entry worksheet Step by Step Solution
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