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question 2

Question 4 Not complete Marked out of 62.00 P Flag question Recording Bond Entries and Preparing an Amortization Schedule-Effective interest Method, Discount, Interest Accrual Mitchell Inc, issued 16,6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each july 1, and January 1, and were issued to yield 7%. The bonds mature January 1, 2023, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates, 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest accrual. 4. January 1, 2021, interest payment. Bond Selling Price Amortization Schedule Journal Entries a. Selling price of bonds $ 0 Check . Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest accrual. 4. January 1, 2021, interest payment. Bond Selling Price Amortization Schedule Journal Entries b. Note: Round amounts in schedule to the nearest whole dollar. Use rounded amounts for later calculations in the schedule. Note: Include any net rounding difference for Bond Payable, Net in the interest expense amount for January 1, 2023. Date Cash Jan 1, 2020 July 1, 2020 $ Jan 1, 2021 July 1, 2021 Jan. 1. 2022 July 1, 2022 Jan 1, 2023 Total 5 Interest Expense Discount Amortization Bonds Payable. Net 0 0$ 0$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 05 05 0 Check Bond Selling Price Amortization Schedule Journal Entries c. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. Date 1. Jan 1, 2020 0 . e 2. Jul 1, 2020 e o o o o o o o o o o c o o o o o o o o o o o 3. Dec 31, 2020 4 + 4. Jan. 1.2021 4 Check SVE Mark IV out of 3.00 P Flag question Determining Bond Selling Price Calculate the bond selling price for the three separate scenarios that follow. a. 33M Corp. authorized and issued $320,000, 6%, 20-year bonds payable on January 1, 2020. Calculate the selling price of the bonds if the bonds pay cash interest semiannually on July 1 and January 1, and the market rate of interest on similar bonds is 8%. b. 33M Corp. authorized and issued $800,000,7%, 10-year bonds payable on January 1, 2020. Calculate the selling price of the bonds if the bonds pay cash interest semiannually on July 1 and January 1, and the market rate of interest on similar bonds is 6%. C. 33M Corp. issued $240,000, 5%, 10-year bonds payable on March 31, 2020. The bonds were authorized on January 1, 2020. Calculate the selling price of the bonds (including interest) if the bonds pay cash interest annually on January 1, beginning January 1, 2021, and the market rate of interest on similar bonds is 6%. Note: Round answers to the nearest whole dollar. 256,663 859,530 X 222,337 x a. $ b. 5 CS Check