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need to be solved in 30mins or less (20 minutes) On October 1, 2020, Antonio Ranch Inc issued a $400,000 8% 2-year bond, Interest is
need to be solved in 30mins or less
(20 minutes) On October 1, 2020, Antonio Ranch Inc issued a $400,000 8% 2-year bond, Interest is to be paid semi-annually on October 1st & March 1st. Assume a November 30th year-end Antonio Ranch uses the effective interest method of amortization for premiums or discounts Required: A Calculate the issue price of the bond assuming a market interest rate of 5% on the date of the bond love. Show inputs to calculator B. Record the following entries a. Issuance of the bonds on October 1, 2020 b. Adjusting entry to accrue bond interest and premium or discount amortization on November 30, 2020 c Payment of interest on March 12021 Show All Cutions Short Answer Tabacation BTS 10 IN Step by Step Solution
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