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Hambelton Ltd. issued $5,000,000 of 5% bonds payable on 1 September 20X9 to yield 4%. Interest on the bonds is paid semi-annually and is payable each 28 February and 31 August. The bonds were dated 1 March 20X8, and had an original term of five years. The accounting period ends on 31 December. The effective-interest method is used. (PV of $1, PVA of $1, and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which the bonds were issued. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Price of Bond $ 5,224,565 X 2. Prepare a bond amortization table for the life of the bond. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "O" wherever required.) X Answer is complete but not entirely correct. Date Interest Payment Opening 1 $ 125,000 2 125,000 125,000 3 Interest Premium Unamortized Net Bond Expense Amortization Premium Liability $ 224,573 X $ 5,224,573 X $ 104,491 X $ 20,509 X 204,065 X 5,204,065 X 104,081 X 20,919 X 183,146 X 5,183,146 X 103,663 X 21,337 X 161,809 X 5,161,809 X 103,236 X 21,764 140,045 X 5,140,045 X 102,801 X 22.199 X 117,846 X 5,117,846 X 102,357 X 22,643 X 95,203 X 5,095,203 X 101,904 X 23,096 X 72,107 X 5,072, 107 X 4 125,000 5 125,000 6 125,000 7 125,000 3.Prepare journal entries to record the issuance of the bonds, payment of interest, and all necessary adjustments through to the end of 20X10. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) Answer is not complete. No Debit Credit 1 5,224,573 Date General Journal 1 September 20X Cash Premium on bonds payable Bonds payable 224,573 X 5,000,000 2 104.492 x 31 December 20) Interest expense Premium on bonds payable Cash 20,508 X x 125,000 X 3 28 February 20x Interest expense Premium on bonds payable 104,492 20,508 X Cash X 125,000 X 4 104,082 x 31 August 20X10 Interest expense Premium on bonds payable 20,918 X Cash 125,000 5 31 December 20) Interest expense Premium on bonds payable Accrued interest payable 69,109 X 14,225 83,333 4. Calculate the interest expense that would be recorded in each of 20X9 and 20X10. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. 20X9 20X10 Interest expense $ 69,661 X $ 195,707 X 5. Show how the bond would be presented on the statement of financial position as of 31 December 20X9 and 20X10. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) X Answer is not complete. HAMBELTON LIMITED Statement of Financial Position (Partial) As of 31 December 20X9 20X10 Bonds payable Premium on bond payable 0 0
