Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer ASAP ITS TIMED THANK YOU Requirements Using the amortization table for Rankin's bonds, answer the questions below: 1. How much cash did Rankin

please answer ASAP ITS TIMED THANK YOU image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Requirements Using the amortization table for Rankin's bonds, answer the questions below: 1. How much cash did Rankin Corporation borrow on March 31, 2022 ? How much cash will the company pay back at maturity on March 31, 2034 ? 2. How much cash interest will the company pay each six months? 3. How much interest expense will Rankin Corporation report on September 30 , 2022, and on March 31, 2023? Why does the amount of interest expense increase each period? Reference Rankin Corporation issued $530,000 of 6%,12-year bonds payable on March 31, 2022. The market interest rate at the date of issuance was 8%, and the bonds pay interest semiannually. Rankin Corporation's year-end is March 31. Review the following amortization table for Rankin's bonds: (Click the icon to view the amortization table.) Read the requirements. 1. How much cash did Rankin Corporation borrow on March 31, 2022? How much cash will the company pay back at maturity on March 31,2034? On March 31, 2022, Rankin borrowed cash in the amount of At maturity on March 31, 2034, Rankin will pay back cash in the amount of 2. How much cash interest will the company pay each six months? Every six months, Rankin will pay cash interest of 3. How much interest expense will Rankin Corporation report on September 30 , 2022, and on March 31, 2023? Why does the amount of interest expense increase each period? 1. How much cash did Rankin Corporasion borrow on March 31,20227 How much cash wat the company pay back at maturty on March 31 , 2034 ? On March 31, 2022, Rarkin bortewed cash in the amount of A maturty on Mavin 21, 2034. Rankin will bay back cath in the amount of 2. How much eath interest wil the company poy each sx menths? Every sis monthe, Rarkin will pay cash intarest of 3. How much interest expense wit Raykin Corporation repon on September 30, 2022, and en March 31, 2023? Why does the amount of interest evpense increase each perios? On September 30, 2022, Rankin wit report intarest expense of On March 31, 2023 , Ranken wit repeq intereat expense of Why does the amount of inferest eupense increase each peried? interest expense increases becmuse the as the bonds meve loward maturty

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions

Question

=+ What are the undesirable consequences?

Answered: 1 week ago