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. Bond prices depend on market rate of interest, stated rate of interest, and time. Requirement Compute the price of the following 6% bonds of City Telecom. 2. Consider the prices you calculated in exercise 1. Requirement Which bond will City Telecom have to pay the most to retire the bond at maturity? Explain your answer. 3. Deer Corporation issued a $80,000, 7%, seven-year bond payable. Requirement Journalize the following transactions for Deer and include an explanation for each entry: 4. Starlight Drive-Ins borrowed money by issuing $3,000,000 of 7% bonds payable at 98.5. Requirements R1. How much cash did Starlight receive when it issued the bonds payable? R2. How much must Starlight pay back at maturity? R3. How much cash interest will Starlight pay each six months? 5. A 5%, 10-year bond was issued at a price of 94. Requirement Was the market interest rate at the date of issuance closest to 4%, 5%, or 6%? Explain. 6. Truestar Communication issued $90,000 of 9%, 10-year 7. Grand Suites Hotels includes the following selected accounts in its general ledger at December 31, 2011: Requirement Prepare the liabilities section of Grand Suites' balance sheet at December 31, 2011, to show how the company would report these items. Report a total for current liabilities. 8. Havens, Corp., is planning to issue long-term bonds payable to borrow for a major expansion. The chief executive, Richie Havens, asks your advice on some related matters. Requirement Answer the following questions: 9. On January 1, Durkin Limited issues 9%, 20-year bonds payable with a maturity value of $70,000. The bonds sell at 97 and pay interest on January 1 and July 1. Durkin amortizes bond discount by the straight-line method. Requirements R1. Journalize the issuance of the bonds on January 1. R2. Journalize the semiannual interest payment and amortization of bond discount on July 1. 10. Jefferson, Inc., issued $80,000 of 10-year, 8% bonds payable on January 1, 2010. Jefferson pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line method. The company can issue its bonds payable under various conditions. Requirements R1. Journalize Jefferson's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at par value. Explanations are not required. R2. Journalize Jefferson's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at a price of 93. Explanations are not required. R3. Journalize Jefferson's issuance of the bonds and first semiannual interest payment assuming the bonds R4. Which bond price results in the most interest expense for Jefferson? Explain in detail. 11. SG Electronics is considering two plans for raising $3,000,000 to expand operations. Plan A is to issue 6% bonds payable, and plan B is to issue 100,000 shares of common stock. Before any new financing, SG has net income of $300,000 and 200,000 shares of common stock outstanding. Management believes the company can use the new funds to earn additional income of $500,000 before interest and taxes. The income tax rate is 40%. Requirement Analyze SG Electronics' situation to determine which plan will result in higher earnings per share. Use the following figure as a guide. 12. Captain Johnny Whizbang Hamburgers, Inc., issued 4%, 10-year bonds payable at 85 on December 31, 2010. At December 31, 2012, Captain Johnny reported the bonds payable as follows: Captain Johnny uses the straight-line amortization method and pays semiannual interest each June 30 and December 31. Requirements R1. Answer the following questions about Captain Johnny Whizbang's bonds payable: R2. Record the June 30, 2013, semiannual interest payment and amortization of discount. R3. What will be the carrying amount of the bonds at December 31, 2013? 13. The accounting records of Path Leader Wireless include the following: Requirement Report these liabilities on the Path Leader Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities. 14. Decision Case The following questions are not related. Requirements R1. Duncan Brooks, Co., needs to borrow $500,000 to open new stores. Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually be borrowing under this arrangement? How much must Brooks pay back at maturity? How will Brooks account for the difference between the amount borrowed and the amount paid back? R2. Brooks prefers to borrow for longer periods when interest rates are low and for shorter periods when interest rates are high. Why is this a good business strategy? (Challenge) Financial Statement Case Details about a company's liabilities appear in a number of places in the annual report. Use the 2009 Amazon.com Financial Statements handout, including Notes 1 and 5, to answer the following questions. Requirements R1. How much was Amazon's long-term debt at December 31, 2009? Of this amount, how much was due within one year? How much was payable beyond one year in the future? R2. Journalize in a single entry Amazon's interest expense for 2009. Amazon paid cash of $32 million for interest