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Part 1 1. Lorien Company issued bonds with a coupon rate of 8% and a face amount of $7,500. The bonds mature in 25 years. The market interest rate for bonds with the same degree of riskiness is 14% compounded annually.These bonds were issued on January 1 of Year 1 for $4,407. Coupon payments are made annually on December 31, so the first coupon payment was made on December 31 of Year 1. Lorien uses the effective-interest method on its books. The journal entry to record the first coupon payment includes which of the following? A debit to Cash of $7,500 A debit to Cash of $600 A debit to Discount on Bonds of $617 A debit to Discount on Bonds of $17 A credit to Premium on Bonds of $17 A debit to Interest Expense of $617 2. On January 1 of Year 1, Mellie Company issued a $25,000, 12% bond, at face value. Interest is paid annually each January 1, so the first coupon payment was made on January 1 of Year 2. Mellie uses the effective-interest method on its books. The entry related to this bond on December 31 of Year 1 would include which of the following? a debit to Interest Receivable of $3,000 a credit to Interest Expense of $3,000 a debit to Interest Revenue of $3,000 a credit to Cash of $3,000 a credit to Interest Payable of $3,000 a debit to Cash of $3,000 3. No entry is necessary on December 31 of Year 1. Ryan Company issued bonds with a coupon rate of 8% and a face amount of $5,000. The bonds mature in 15 years. The market interest rate for bonds with the same degree of riskiness is 12% compounded semi-annually.These bonds were issued on January 1 of Year 1. Coupon payments are made every six months on June 30 and on December 31, so the first coupon payment was made on June 30 of Year 1. Ryan uses the effective-interest method on its books. What was the issuance price of these bonds on January 1 of Year 1? $5,000 $1,778 $2,276 $3,624 $3,638 4. $2,748 On January 1 of Year 1, Lily Company issued a $20,000, 15% bond, at face value. Interest is paid annually each December 31, so the first coupon payment was made on December 31 of Year 1. This bond was retired on January 1 of Year 2,just one day after the first coupon payment was made. The total amount paid to retire this bond was $18,500. Lily uses the effective-interest method on its books. The entry to record the retirement of this bond would include which of the following? a credit to Bonds Payable of $20,000 a credit to Cash of $20,000 a debit to Discount on Bonds of $1,500 a credit to Discount on Bonds of $1,500 a credit to Gain on Bond Retirement of $1,500 a credit to Premium on Bonds of $1,500 a debit to Premium on Bonds of $1,500 5. a debit to Loss on Bond Retirement of $1,500 Tarazi Company issued bonds with a coupon rate of 10% and a face amount of $200,000. The bonds mature in 15 years. The market interest rate for bonds with the same degree of riskiness is 8% compounded annually. These bonds were issued on January 1 of Year 1 at a price of$234,238. Coupon payments are made annually on December 31, so the first coupon payment was made on December 31 of Year 1. Tarazi uses the effective-interest method on its books. The journal entry to record the second coupon payment made on December 31 of Year 2 includes which of the following? a debit to Interest Expense of $20,000 a debit to Interest Expense of $18,739 a debit to Premium on Bonds of $1,362 a credit to Discount on Bonds of $1,261 a debit to Premium on Bonds of $18,638 a debit to Premium on Bonds of $1,261 Part 2 1. At the beginning of Year 1, Jimbo Company purchased a portfolio of trading securities for $65. At the end of Year 1, the portfolio had a value of $52. In the middle of Year 2, the entire portfolio is sold for $74. What is the amount of unrealized gain or loss for Year 2? $13 unrealized gain $13 unrealized loss $9 unrealized gain $9 unrealized loss $22 unrealized gain $22 unrealized loss no unrealized gain or unrealized loss 2. On February 14 of Year 1, Wishbone Corporation purchased 1,000 shares of Clarke Corporation common stock at $15 per share. Wishbone classified the investment in Clarke common stock as available for sale. On December 31 of Year 1, each share of Clarke common stock had a market value of $20. On April 26 of Year 2 Wishbone sold the 1,000 shares of Clarke common stock for $12 per share. The journal entry to record Wishbone's sale of the Clarke common stock includes a DEBIT to Unrealized Loss for $5,000. DEBIT to Market Adjustment for $5,000. DEBIT to Realized Loss for $3,000. DEBIT to Realized Loss for $8,000. DEBIT to Unrealized Loss for $8,000. DEBIT to Unrealized Decrease in Value of Securities for $8,000. 3. At the beginning of Year 1, Scotto Company purchased a portfolio of available-forsale securities for $27. None of the available-for-sale securities were sold during the year. At the end of Year 1, the available-for-sale portfolio had a value of $34. Also at the beginning of Year 1, Scotto Company purchased a portfolio of trading securities for $13. None of the trading securities were sold during the year. At the end of Year 1, the trading portfolio had a value of $9. For Year 1, Scotto's net income (before including any gains or losses from investment securities) was $232. After including any necessary gains or losses from investment securities, what is Scotto's correct net income for Year 1? Note: Ignore any income tax impact. $232 $252 $248 $228 $212 $216 4. On January 1 of Year 1, Lily Company issued bonds with a coupon rate of 7% and a face amount of $3,000. The bond interest payments are made twice each year on June 30 and on December 31. The bonds mature in 12 years. The market interest rate for bonds with the same degree of riskiness is 10% compounded semi-annually. On January 1 of Year 1,Investor Company purchased all of the Lily Company bonds when they were issued. Investor Company has classified this investment in bonds as a held-to-maturity investment. What is the total amount of interest revenue that Investor Company will report in Year 1 in connection with this bond investment? Of course, Investor Company uses the effective interest amortization method. Note: Round all of your calculations to the nearest penny. $237.90 $28.60 $620.94 $62.09 $210.00 $238.60 5. On January 1 of Year 1, Taraz Company purchased 4,500 shares of the common stock of Company A for $337,500. At the time, Company A had atotal of 11,250 common shares outstanding. Accordingly, Taraz purchased 40% of the outstanding shares of Company A. During Year 1, Company Apaid cash dividends totaling $35,000. Company A also reported net income of $75,000 during Year 1. On December 31 of Year 1, the market value of Company A's common stock was $70 per share. On Taraz Company's books,what amount should be reported as \"Investment in Company A\" as of December 31 of Year 1? $353,500 $315,000 $331,000 $377,500 $367,500 $337,500 Part 3 1. Rachael expects to receive a payment of $5,000 at the end of each year for the next 15 years. What is the present value of these 15 payments,assuming that the appropriate discount rate is 10% compounded annually? $1,197 $25,094 $17,954 $38,030 $75,000 $158,862 2. Ryan has just deposited $10,000 in a bank account. The account pays 12% interest, compounded quarterly. How much will Ryan have in the account at the end of seven years? (Round your answer to the nearest dollar.) $4,371 $4,523 $18,400 $22,107 $22,879 $29,987 3. Taraz Aina is obligated to make the following payments to a loan company: Timing Amount Right Now $7,500 At the end of one year $15,000 At the end of two years $22,500 At the end of three years $75,000 The interest rate on the loan is 12% compounded annually, and there is no penalty for early payment. How much must Taraz Aina pay right now in order to completely satisfy her obligation under this loan? Note: The amount she must pay right now includes the $7,500 that is due right now. $92,213 $85,414 $96,073 $121,494 $129,553 4. On April 1, Joseph Han purchased a car with a cash price of $50,000.He paid 25% ($12,500) down and agreed to pay the remainder in monthly payments over ten years. The first payment on this $37,500 loan will be on May 1. The interest rate on the loan is 9% compounded monthly. What is the amount of each monthly payment? $193.78 $475.03 $3,375.11 $5,843.25 $486.94 . $593.75 5. On July 1, Homer Simpson signed a 30-year home mortgage contract in the amount of $300,000. The interest rate on the mortgage is 4.35%compounded monthly, making the monthly payments $1,493.44. The first payment is due on August 1 and the second payment is due on September 1. Homer is a dedicated accountant, so he records all of his household transactions in debit-and-credit format. The journal entry to record the second payment on September 1 includes A DEBIT to Interest Expense of 1,087.50. A DEBIT to Interest Expense of 1,086.03. A DEBIT to Interest Expense of 407.41. A DEBIT to Mortgage Payable of 1,087.50. A DEBIT to Mortgage Payable of 1,086.03. A DEBIT to Mortgage Payable of 405.94