On January 1, 2023, Pearl Corporation purchased a newly issued $1.175,000 bond. The bond matured on...
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On January 1, 2023, Pearl Corporation purchased a newly issued $1.175,000 bond. The bond matured on December 31, 2025, and paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Pearl's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date. The bond will be accounted using the amortized cost model. Click here to view Table A 2-PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLE SUM) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Calculate the price paid for the bond using a financial calculator or Excel functions. (Round answers to 2 decimal places, e.g. 52.75) PV S Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, e.g. 52.75.) Date Jan. 1.2023 June 30, 2023 $ Cash Received Interest Revenue Discount Amortization Am (Pri Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, e.g. 52.75.) Date Jan. 1, 2023 June 30, 2023 $ Dec. 31, 2023 June 30, 2024 Dec. 31, 2024 June 30, 2025 Dec. 31, 2025 Cash Received Interest Revenue $ Totals $ $ $ Discount Amortization Amo (Pre $ Prepare the journal entries on the books of Pearl Corporation for each of the following dates. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) January 1, 2023 June 30, 2023 . October 31, 2023 December 31, 2023 December 31, 2025 (two entries) one for interest and one for maturity of bond Date Account Titles and Explanation Debit Credit [ [ [ (To record collection of interest) (To record collection of interest.) (To record maturity of bond.)) On January 1, 2023, Pearl Corporation purchased a newly issued $1.175,000 bond. The bond matured on December 31, 2025, and paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Pearl's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date. The bond will be accounted using the amortized cost model. Click here to view Table A 2-PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLE SUM) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Calculate the price paid for the bond using a financial calculator or Excel functions. (Round answers to 2 decimal places, e.g. 52.75) PV S Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, e.g. 52.75.) Date Jan. 1.2023 June 30, 2023 $ Cash Received Interest Revenue Discount Amortization Am (Pri Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, e.g. 52.75.) Date Jan. 1, 2023 June 30, 2023 $ Dec. 31, 2023 June 30, 2024 Dec. 31, 2024 June 30, 2025 Dec. 31, 2025 Cash Received Interest Revenue $ Totals $ $ $ Discount Amortization Amo (Pre $ Prepare the journal entries on the books of Pearl Corporation for each of the following dates. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) January 1, 2023 June 30, 2023 . October 31, 2023 December 31, 2023 December 31, 2025 (two entries) one for interest and one for maturity of bond Date Account Titles and Explanation Debit Credit [ [ [ (To record collection of interest) (To record collection of interest.) (To record maturity of bond.))
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