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On July 1, 2020 Sweet Limite January 1 and July 1 each year. The bonds were issued to yield 12%. The company's year-end was
On July 1, 2020 Sweet Limite January 1 and July 1 each year. The bonds were issued to yield 12%. The company's year-end was September 30. The company used the effective interest method of amortization. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values to 5 decimal places, eg. 1.25124 and final answer to O decimal places, e.g. 5,275.) on bond $ Prepare a partial Bond Premium/Discount Amortization Schedule for Sweet Limited. Only prepare the entries in the schedule for July 1, 2020, January 1, 2021, and July 1, 2021. (Round answers to O decimal places, eg. 5.275) Date Cash Paid Interest Expense Amortized July 1, 2020, January 1, 2021, and July 1, 2021. (Round answers to U decimal places, eg. 5,275) Date Cash Paid 1-Jul-20 1-Jan-21 1-Jul-21 Interest Expense Amortized Prepare the journal entry to record the issue of the bonds. (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 O for the amounts. Round answers to O decimal places, eg. 5,275) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the issue of the bonds. (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 O for the amounts. Round answer to O decimal places, eg. 5,275) Date Account Titles and Explanation July 1 Debit Credit Prepare the year-end accrual entry for Sweet Limited at September 30, 2020. (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 O for the amounts Round answers to O decimal places, eg. 5,275) Date Account Titles and Explanation Sept. 30 Debit Credit I Prepare the journal entry on January 1, 2021 when Sweet makes the first payment of interest on the bonds. (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 O for the amounts. Round answers to O decimal places, eg. 5,275) Date Jan. 1, 2021 Account Titles and Explanation Debit Credit Current Attempt in Progress On July 1, 2020 Sweet Limited issued bonds with a face value of $900,000 due in 20 years, paying interest at a face rate of 11% on January 1 and July 1 each year. The bonds were issued to yield 12%. The company's year-end was September 30. The company used the effective interest method of amortization. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values to 5 decimal places, eg. 1.25124 and final answer to O decimal places, eg. 5,275.) on bond Prepare a partial Bond Premium/Discount Amortization Schedule for Sweet Limited. Only prepare the entries in the schedule for July 1,2020, January 1, 2021, and July 1, 2021. (Round answers to O decimal places, eg. 5,275) Date Cash Paid Interest Fynence
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