On March 1, 2020, Quinto Mining Inc. issued a $560,000, 6%, three-year bond. Interest is payable semiannually beginning September 1, 2020.

Part 1

a. Calculate the bond issue price assuming a market interest rate of 5% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.)

b. Using the effective interest method, prepare an amortization schedule.

c. Record the entries for the issuance of the bond on March 1, the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quintos year-end, and the payment of interest on September 1, 2020.

Part 2

a. Calculate the bond issue price assuming a market interest rate of 7.0% on the date of issue

b. Using the effective interest method, prepare an amortization schedule.

c. Record the entries for the issuance of the bond on March 1; the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quintos year-end; and the payment of interest on September 1, 2020

d. Record the entries for the retirement of 30% of the bonds at 102, on September 1, 2020, after the interest payment.

Saved Help Sav On March 1, 2020, Quinto Mining Inc. issued a $560,000, 6%, three-year bond. Interest is payable semiannually beginning September 1, 2020 Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 5% on the date of issue. (Do not round intermediate calculations Round the final answer to nearest whole dollar.) Total issue price b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Period Interest Paid Expense Premium Amort. Unamortized Premium Carrying Value Mar 1/20 4 o to search Saved b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate answers to nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Period Interest Paid Expense Premium Amort. Unamortized Premium Carrying Value Mar. 1/20 Sept. 1/20 Mar. 1/21 Sept. 1/21 Mar. 1/22 Sept 1/22 Mar. 1/23 Totals 0 0 $ 0 0 $ 0 hand interes View transaction list Journal entry worksheet 2 3 Record the issuance of bond. Note: Enter debits before credits. Date Debit General Journal Mar 01, 2020 Journal entry worksheet o to search Saved b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate answers to nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Period Interest Paid Expense Premium Amort. Unamortized Premium Carrying Value Mar. 1/20 Sept. 1/20 Mar. 1/21 Sept. 1/21 Mar. 1/22 Sept 1/22 Mar. 1/23 Totals 0 0 $ 0 0 $ 0 hand interes View transaction list Journal entry worksheet