On October 1, 2020, Ross Wind Energy Inc. issued a $1,500,000,7%, seven-year bond. Interest is to be paid annually each October 1. Assume a November 30 year-end. (Use TABLE 14A.1 and TABLE 14A.2.). (Use appropriate factor(s) from the tables provided.) 10 Joints Required: a. Calculate the issue price of the bond assuming a market interest rate of 6% on the date of the bond issue. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Issue price of the bond $ 1,280,982 Punt References b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Paid Period Interest Expense $ Premium Amort. Unamortized + Premium Carrying Value Oct. 1/20 $ 0 0 $ 0 Oct 1/21 Oct 1122 Oct 1123 105,000 105,000 105,000 105,000 105.000 105.000 Oct 1/24 Oct 1/25 Oct 1/26 150,000 Me Graw Saved ssignments Part 1 Record the following entries: (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on October 1, 2020 b. Adjusting entry to accrue bond interest and premium amortization on November 30, 2020 c. Payment of interest on October 1, 2021 View transaction list View journal entry worksheet Debit Credit General Journal No Date 1 October 01, 2020 Cash Bonds payable Premium on bonds payable 2 November 30, 2020 Bond interest expense Premium on bonds payable Interest payable 3 October 01, 2021 Interest payable Bond interest expense Part 2 Show how the bond will appear on the balance sheet under non-current liabilities at November 30, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Balance sheet (Partial) Non-current liabilities Interest payable Add: Premium on bonds payable $ 0 7 of 8 Next > On October 1, 2020, Ross Wind Energy Inc. issued a $1,500,000,7%, seven-year bond. Interest is to be paid annually each October 1. Assume a November 30 year-end. (Use TABLE 14A.1 and TABLE 14A.2.). (Use appropriate factor(s) from the tables provided.) 10 Joints Required: a. Calculate the issue price of the bond assuming a market interest rate of 6% on the date of the bond issue. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Issue price of the bond $ 1,280,982 Punt References b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Ending Cash Interest Paid Period Interest Expense $ Premium Amort. Unamortized + Premium Carrying Value Oct. 1/20 $ 0 0 $ 0 Oct 1/21 Oct 1122 Oct 1123 105,000 105,000 105,000 105,000 105.000 105.000 Oct 1/24 Oct 1/25 Oct 1/26 150,000 Me Graw Saved ssignments Part 1 Record the following entries: (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) a. Issuance of the bonds on October 1, 2020 b. Adjusting entry to accrue bond interest and premium amortization on November 30, 2020 c. Payment of interest on October 1, 2021 View transaction list View journal entry worksheet Debit Credit General Journal No Date 1 October 01, 2020 Cash Bonds payable Premium on bonds payable 2 November 30, 2020 Bond interest expense Premium on bonds payable Interest payable 3 October 01, 2021 Interest payable Bond interest expense Part 2 Show how the bond will appear on the balance sheet under non-current liabilities at November 30, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Balance sheet (Partial) Non-current liabilities Interest payable Add: Premium on bonds payable $ 0 7 of 8 Next >