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On March 1, 2020, Quinto Mining Inc, Issued a $650,000, 11%, three year bond. Interest is payable semiannually beginning September 1.2020 Required: Part 1 a.

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On March 1, 2020, Quinto Mining Inc, Issued a $650,000, 11%, 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 10% on the date of issue. (Do not round Intermediate calculations, Round the final answer to nearest whole dollar) Total 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 volues.) Period Ending Premium Amort Umortized Premium Carrying Value Paid Mar 1/20 Sept 1/20 Mar. 1/21 Sept 1/21 Mar 1/22 Sept. 1/22 Mar 1/23 Totals 0 0 $ $ 0S 0 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, Quinto's year-end, and the payment of interest on September 1, 2020. (Do not round intermediate calculations. Round the final answers to nearest whole dollar.) View transaction list 1 Record the issuance of bond. 2 Record accrual of interest on bond. 3 Record payment of interest. Credit Note Journal entry has been entered Record entry Clear entry View general journal Part 2 a. Calculate the bond issue price assuming a market interest rate of 12.0% 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. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) DOK Panod Endina Cash Interest Period interest Paid Expense Discount Amort Unamortired Discount Carrying Value ant 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 c. Record the entries for the issuance of the bond on March the adjusting entry to accrue bond Interest and related amortization on April 30, 2020, Quinto's year-end, and the payment of interest on September 1, 2020 View transaction list 1 Record the issuance of bond. 2 Record accrual of interest on bond 3 Record payment of interest Credit Note: - Journal entry has been entered Record entry Clear entry View general Journal d. Record the entries for the retirement of 30% of the bonds at 102, on September 1, 2020, after the interest payment View transaction list Journal entry worksheet

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