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please complete parts a and b not sure if what i have for b is correct. use excel formulas. A B D E F G
please complete parts a and b not sure if what i have for b is correct. use excel formulas. A B D E F G H K L M N 1 Question 3 Save On January 1, 2019, Schooner Corp. issued bonds having the following characteristics: 2 3 4 5 6 7 8 9 10 11 12 13 Face value: $100,000.00 Issue price: $90,149.66 Stated rate: 6% per year Market rate: 7% per year Maturity: 17 years The bonds make semiannual interest payments on June 30 and December 31. Assume that the company uses the straight-line interest method. 15 16 Part (a) Prepare the journal entry for interest on June 30, 2019. (When computing amounts, use Excel formulas and cell references only. Do not manually input values.) Debit Credit 18 19 20 21 23 25 27 28 29 30 Account Title Interest expense Discount on bonds payable Cash 32 33 35 36 Part (b) What is the balance of the discount account as of January 1, 2021 (after the fourth interest payment) (Use Excel formulas and cell references only. Do not manually input values.) $9,190 Question 3 Balance of discount as of 1/1/20 (after second interest payment) = $9,271. Click for next tab
please complete parts a and b not sure if what i have for b is correct. use excel formulas.
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