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please help asap thank you Interest Tables On January 1, 2023, ScarCo issued $700,000,12-year, 12% bonds when market rate was 11%. REQUIRED: (1) Determine amount
please help asap thank you
Interest Tables On January 1, 2023, ScarCo issued $700,000,12-year, 12% bonds when market rate was 11%. REQUIRED: (1) Determine amount of cash received on January 1, 2023 (must use the 4-step process to show work). Prepare the necessary journal entry. (2) Determine the amount of interest expense and amortization on 6/30/23 using straight-line method. Prepare the necessary journal entry. (3) Determine the amount of interest expense and amortization on 12/31/23 using straight-line method. Prepare the necessary journal entry. (4) Determine the amount of interest expense and amortization on 6/30/23 using effective interest method. Prepare the necessary journal entry. (5) Determine the amount of interest expense and amortization on 12/31/23 using effective interest method. Prepare the necessary journal entry. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ Present Value of \$1 at Compound Interest Due In n Periods } \\ \hline Periods & as & 9% & 10% & 11% & 12% & 13% & 14% \\ \hline 1 & 0.92593 & 0.91743 & 0.90909 & 0.90090 & 0.89286 & Q.88496 & 0.3719 \\ \hline 2 & 0.85734 & 034168 & 0.82645 & 0.81162 & Q9719 & 0.78315 & 0.76547 \\ \hline 3 & 0.79383 & a.r721a & 0.75131 & 0.73119 & 0.7178 & 0.69305 & 0.57497 \\ \hline 4 & 0.73503 & 0.70843 & 0.68301 & 0.65a73 & 0.63552 & 0.61332 & 0.59208 \\ \hline 5 & 0.08058 & 0.54993 & 0.62092 & 0.59345 & 0.56743 & 0.54276 & 0.51937 \\ \hline 6 & 0.63017 & 0.59627 & 0.56477 & 0.53464 & 0.50663 & 048032 & 0.45559 \\ \hline 7 & 0.58249 & 0.54703 & 0.51316 & C.4a166 & 0.45235 & 0.42506 & 0.39964 \\ \hline a & 0.54027 & & 0.46651 & Q.43393 & 0.40388 & 0.37616 & 0.35056 \\ \hline 9 & 0.50025 & 0.46043 & 0.42410 & 0.39092 & 0.36061 & 0.33288 & 0.30751 \\ \hline to & 0.46319 & 0.42241 & 0.38554 & 0.35218 & 0.32197 & 0.29459 & 0.26974 \\ \hline 11 & 0.42888 & 0.38753 & 0.35049 & 0.31728 & 0.28748 & 06070 & 0.23662 \\ \hline 12 & 0.39711 & 0.35553 & 0.31863 & 0.28584 & 0.25668 & 0.23071 & 0.20756 \\ \hline 13 & 0.36770 & 0.32618 & 0.28965 & 0.25751 & 0.20917 & 0.20416 & 0.18207 \\ \hline 14 & 0.34046 & 0.29925 & 0.26333 & 0.23199 & 0.20462 & 0.10060 & 0.15971 \\ \hline 15 & 0.31524 & 0.27454 & 0.23999 & 0.20900 & 0.18270 & 0.15989 & 0.14010 \\ \hline 16 & 0.29189 & 0.25187 & 0.21763 & 0.18829 & 0.16312 & 0.14150 & 0.12289 \\ \hline 17 & 0.27027 & 0.23107 & 0.19784 & 0.16963 & 0.14564 & 0.12522 & Q.10780 \\ \hline 18 & 0.25025 & 0.21199 & 0.17986 & 0.15282 & 0.13004 & 0.11681 & 0.09456 \\ \hline 19 & 0.23171 & 0.19449 & 0.16351 & 0.13768 & 0.11611 & 0.09806 & 0.06295 \\ \hline 20 & 0.21455 & 0.17843 & 0.14864 & 0.12403 & 0.10367 & 0.06678 & 0.07276 \\ \hline 21 & 0.19866 & 0.16370 & 0.13513 & 0.11174 & 0.09256 & 0.07600 & 0.06343 \\ \hline 22 & 0.18394 & 0.15018 & 0.12285 & 0.10067 & 0.00264 & 0.06790 & 0.05599 \\ \hline 23 & 0.17032 & Q.137re & 0.11168 & 0.09069 & 0.07379 & 0.06014 & 0.04911 \\ \hline 24 & 0.15770 & 0.12640 & 0.10153 & 0.08170 & 0.06588 & 0.05323 & 0.0408 \\ \hline 25 & 0.14602 & 0.11597 & 0.09230 & 0.07361 & 0.05882 & 0.04710 & 0.03779 \\ \hline 26 & 0.13520 & 0.10699 & 0.08391 & 0.06031 & 0.05252 & 0.0416a & 0.03315 \\ \hline 27 & 0.12519 & 0.09761 & 0.07628 & 0.05974 & 0.04689 & 0.03609 & 0.02908 \\ \hline 28 & 0.11591 & 0.08955 & a.d. 934 & 0.05362 & 0.04187 & 0.03264 & 0.02551 \\ \hline 29 & 0.10733 & 0.08215 & 0.06304 & 004849 & 0.03738 & 0.02889 & 0.02237 \\ \hline 30 & 0.09938 & 0.07537 & 0.05731 & 0.0026 & 0.0333a & 0.02557 & 0.01963 \\ \hline 31 & 0.09202 & 0.06915 & 0.05210 & 0.03935 & 0.02980 & 0.02262 & 0.01722 \\ \hline 32 & 0.08520 & 0.06344 & 0.04736 & 0.03545 & 0.02661 & 0.02002 & 0.01510 \\ \hline 33 & o.o7be9 & 0.05820 & 004306 & 0.03194 & 0.02376 & 0.01772 & 0.01325 , \\ \hline 34 & 0.07305 & 0.05339 & 0.03914 & 0.02878 & 0.02121 & 0.01568 & 0.01162 \\ \hline as & 0.06763 & 004899 & coasse & 0.02592 & 0.01894 & c.01388 & 0.01019 \\ \hline 40 & 0.04603 & 0.03184 & 0.02209 & 0.01538 & 0.01075 & 0.00753 & 0.00529 \\ \hline 45 & 0.09133 & 0.02069 & 0.01372 & 0.00913 & 0.00610 & 0.00409 & 0.00275 \\ \hline 50 & 0.02132 & 0.01345 & 0.00852 & 0.00542 & 0.00346 & 0.00222 & 0.00143 \\ \hline \end{tabular} Step by Step Solution
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