On January 1, 2023, Ultra Vision Corp. issued $1,300,000 of 20-year 8.5% bonds that pay interest...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2023, Ultra Vision Corp. issued $1,300,000 of 20-year 8.5% bonds that pay interest semiannually on June 30 and December 31. Assume the bonds were sold at (1) 96; and (2) 104. Journalize the issuance of the bonds at 96 and 104. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 Record the sold bonds at a premium. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal Huskey Mining Corporation issued bonds with a par value of $103,000 on January 1, 2023. The annual contract rate on the bonds is 8.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 10.00%, and the bonds were sold for $97,772. a. What is the amount of the original discount on these bonds? Discount b. How much total bond interest expense will be recognized over the life of these bonds? (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Total interest expense On January 1, 2023, Ultra Vision Corp. issued $1,300,000 of 20-year 8.5% bonds that pay interest semiannually on June 30 and December 31. Assume the bonds were sold at (1) 96; and (2) 104. Journalize the issuance of the bonds at 96 and 104. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 Record the sold bonds at a premium. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal Huskey Mining Corporation issued bonds with a par value of $103,000 on January 1, 2023. The annual contract rate on the bonds is 8.00%, and the interest is paid semiannually. The bonds mature after three years. The annual market interest rate at the date of issuance was 10.00%, and the bonds were sold for $97,772. a. What is the amount of the original discount on these bonds? Discount b. How much total bond interest expense will be recognized over the life of these bonds? (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Total interest expense
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Shuttle Company issued $1,000,000, three-year, 10 percent bonds on January 1, 2017. The bond interest is paid each December 31, the end of the company's fiscal year. The bond was sold to yield 9...
-
Kate's organization recently bought five new trucks. The trucks cost $38,000 each; however, the moment they left the lot those trucks dropped in value by at least $7,000 each. The organization...
-
Andy is a young professional who lives in downtown New York City. He has taxable income of $60,000 as a medical sales rep for Globo-Chem Co. using the tax table Taxable income Rate $1 $9,075 10.0%...
-
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations. Each machine was estimated to last 10 years and to...
-
Some central banks have explicit inflation targets, while others have implicit targets. a. In the context of topics discussed in this section, what is the advantage of having an explicit target? b....
-
Brazos Valley, Inc. (BVI), a medical device manufacturing firm, has a small systems staff that designs and writes BVIs customized software. Until recently, BVIs transaction data were transmitted to...
-
Toyland Company was one of the original producers of Transformers. An especially complex part of Sect-a-con needs special tools that are not useful for other products. These tools were purchased on...
-
The Moore Corporation has operating income (EBIT) of $750,000. The companys depreciation expense is $200,000. Moore is 100% equity financed, and it faces a 40% tax rate. What is the companys net...
-
. (a) Use the simplex method to maximize x + y +4z subject to the constraints x+2y+3z50, 2x y+z 10, x 0, y0, z 0. How would your answer change if the 50 in the question were replaced by 55? (b) Write...
-
On November 30, 2020, Calla Resources Ltd. borrowed $160,000 from a bank by signing a four-year installment note bearing interest at 12%. The terms of the note require equal payments each year on...
-
55. For an ideal Rankine cycle operating between pressure of 30 bar and 0.04 bar, the work output from the turbine is 903 kJ/kg and the work input to the feed pump is 3 kJ/kg. The specific steam...
-
Explain the procedure for drawing Mohrs circle under complex stresses.
-
What are the main components of a NC machine tool ? Explain their functions.
-
Define HC, CNC and DNC.
-
Justify the necessity for NC machines.
-
You purchased 3 , 0 0 0 shares of PT ABC. five years ago for $ 6 0 per share. Today ABC management is trying to decide whether to repurchase shares for $ 7 5 per share through a fixed - price tender...
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
-
If you had the financial capacity to be a significant philanthropist, would you focus your giving on reducing world poverty or on addressing social problems in your own country? Explain your answer.
-
One year ago the exchange rate between Polish zloty and the U.S. dollar was \(\mathrm{Z} 3.8000 / \mathrm{S}\). Since then the zloty has fallen \(14 \%\) against the dollar. Price levels in the...
-
On January 12, 2010, a 7.0 earthquake struck Haiti, leveling thousands of homes, cutting off electricity and telephone service, killing thousands, and leaving thousands more homeless and destitute in...
Study smarter with the SolutionInn App