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On March 1, 2023, Quinto Mining Inc. issued a $610,000, 7%, three-year bond. Interest is payable semiannually beginning September 1, 2023. Required: Part 1 a.
On March 1, 2023, Quinto Mining Inc. issued a $610,000, 7%, three-year bond. Interest is payable semiannually beginning September 1, 2023. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 6% 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 Premium Paid Amort. Expense Unamortized Premium Carrying Value Mar 1/23 Sept 1/23 Mar 1/24 Sept. 1/24 Saved d. Record the entries for the retirement of 30% of the bonds at 102, on September 1, 2023, after the interest payment. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) View transaction list Journal entry worksheet
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