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On December 31, 2016, when the market interest rate is 16%, Bryant Realty issues $700,000 of 14.25%, 10-year bonds payable. The bonds pay interest semiannually.
On December 31, 2016, when the market interest rate is 16%, Bryant Realty issues $700,000 of 14.25%, 10-year bonds payable. The bonds pay interest semiannually. The present value of the bonds at issuance is $640.173. Requirements 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round all numbers to the nearest whole dollar.) 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments. Requirement 1. Prepare an amortization table using the effective interest amortization method for the first two semiannual interest periods. (Round all numbers to the nearest whole dollar.) Carrying Interest Expense Cash Paid Amortized Amount 12/31/2016 06/30/2017 12/31/2017 Requirement 2. Using the amortization table prepared in Requirement 1, journalize issuance of the bonds and the first two interest payments.(Record debits first then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) Start by journalizing the issuance of the bonds on December 31, 2016. Date Accounts and Explanation Debit Credit 2016 Dec. 31 Journalize the payment of the first semiannual interest amount and amortization of the bond on June 30, 2017 Date Accounts and Explanation Debit Credit 2017 Jun. 30 Journalize the payment of the second semiannual interest amount and amortization of the bond on December 31, 2017. Date Accounts and Explanation Debit Credit 2017 Dec. 31 ortization De Issued bonds at a discount. Issued bonds at a premium. Issued bonds at face value. Paid semiannual interest and amortized discount. Paid semiannual interest and amortized premium Retired bonds payable at maturity. the national and
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