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CHAPTER 10 PART 2 HOMEWORK ASSIGNMENT #2 QUESTIONS (Use notebook paper) 1. Assume that Koslowski Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds' stated interest rate? Explain. 2. If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $40,000, what is the carrying value of the bonds? 3. Indicate the accounts that would be debited and credited if a bond, originally issued at a premium, is called in at 98. EXERCISES (Use notebook paper) 1. Lorance Corporation issued $400,000, 7%, 20-year bonds on December 31, 2017, for $360,415 at a time when the effective rate of interest was 8%. Interest is payable semiannually on June 30 and December 31. Lorance uses the effectiveinterest method to amortize bond premium or discount. Instructions (a) Show the set up of the basic bond information. (b) Prepare an effective interest amortization table through December 31, 2019 (the first four interest payment dates.) (Round to the nearest dollar.) (c) Prepare the general journal entries to record the following. (1) The issuance of the bonds on December 31, 2017. (2) The payment of interest and the discount amortization on June 30, 2018. (3) The payment of interest and the discount amortization on December 31, 2018. 2. LRNA Company issued $380,000, 7%, 10-year bonds on December 31, 2017 for $408,268. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable semiannually on June 30 and December 31. LRNA uses the effective-interest method to amortize bond premium or discount. Instructions (a) Show the set up of the basic bond information. (b) Prepare an effective interest amortization table through December 31, 2019 (the first four interest payment dates.) (Round to the nearest dollar.) (c) Prepare the general journal entries to record the following. (1) The issuance of the bonds on December 31, 2017. (2) The payment of interest and the premium amortization on June 30, 2018. (3) The payment of interest and the premium amortization on December 31, 2018. 3. On December 31, 2017, Lock Corporation issued $1,800,000, 5%, 10-year bonds at $1,666,110. This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Instructions (a) Show the set up of the bond information. If you want extra practice, use your present value techniquest to compute the bond price of $1,666,110. (b) Prepare an effective interest amortization table through December 31, 2019 (the first four interest payment dates.) (Round to the nearest dollar.) (c) Prepare the general journal entries to record the following. (1) The issuance of the bonds on December 31, 2017. (2) The payment of interest and the discount amortization on June 30, 2018. (d) Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2019 balance sheet. (e) Answer the following questions: (1) What amount of interest expense will be reported on the 2018 income statement? (2) What amount of interest expense will be reported on the 2019 income statement? (3) Determine the total interest expense over the life of the bond. (4) If the straight-line method of amortization had been used, what would total interest expense have been over the life of the bond? 4. On December 31, 2017, Jade Company issued $2,000,000, 7%, 10-year bonds at $2,148,783. This price resulted in an effective-interest rate of 6% on the bonds. Jade uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Instructions (a) Show the set up of the bond information. If you want extra practice, use your present value techniquest to compute the bond price of $2,148,783. (b) Prepare an effective interest amortization table through December 31, 2019 (the first four interest payment dates.) (Round to the nearest dollar.) (c) Prepare the general journal entries to record the following. (1) The issuance of the bonds on December 31, 2017. (2) The payment of interest and the premium amortization on June 30, 2018. (d) Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2019 balance sheet. (e) Answer the following questions: (1) What amount of interest expense will be reported on the 2018 income statement? (2) What amount of interest expense will be reported on the 2019 income statement? (3) Determine the total interest expense over the life of the bond. (4) If the straight-line method of amortization had been used, what would total interest expense have been over the life of the bond? EXERCISE #1 (a) SET-UP OF BASIC BOND INFORMATION: Face Value Stated Rate of Interest Annual Stated Interest = Face Value x Stated Interest = $400,000 x 7% Periodic Stated Interest = Annual Stated Interest / m = $28,000 /2 Bond Price Discount on Bond (b) EFFECTIVE INTEREST AMORTIZATION TABLE: (c) JOURNAL ENTRIES FOR BOND TRANSACTIONS: DR (1) On the date of issue, December 31, 2017: (2) On the interest payment date, June 30, 2018: (3) On the interest payment date December 31, 2018: CR EXERCISE #2 (a) SET-UP OF BASIC BOND INFORMATION: Face Value Stated Rate of Interest Annual Stated Interest = Face Value x Stated Interest = $380,000 x 7% Periodic Stated Interest = Annual Stated Interest / m = $26,600 /2 Bond Price Premium on Bond (a) EFFECTIVE INTEREST AMORTIZATION TABLE (b) JOURNAL ENTRIES FOR BOND TRANSACTIONS: DR (1) On the date of issue, December 31, 2017: (2) On the interest payment date, June 30, 2018: (3) On the interest payment date, December 31, 2018: CR EXERCISE #3 (a) SET-UP OF BASIC BOND INFORMATION: Face Value Stated Rate of Interest Annual Stated Interest = Face Value x Stated Interest = $1,800,000 x 5% Periodic Stated Interest = Annual Stated Interest / m = $90,000 /2 Bond Price Discount on Bond (b) EFFECTIVE INTEREST AMORTIZATION TABLE (c) JOURNAL ENTRIES FOR BOND TRANSACTIONS: DR CR (1) On the date of issue, December 31, 2017: (2) On the interest payment date, June 30, 2018: (d) Balance Sheet, December 31, 2019 Long-Term Liabilities: (e) 1. Interest Expense reported for 2018 = 2. Interest Expense reported for 2019 = 3. Interest Expense Over the Life of the Bond = 4. Interest Expense Over the Life of the Bond if straight-line amortization is used = EXERCISE #4 (a) SET-UP OF BASIC BOND INFORMATION: Face Value Stated Rate of Interest Annual Stated Interest = Face Value x Stated Interest = $2,000,000 x 7% Periodic Stated Interest = Annual Stated Interest / m = $140,000 /2 Bond Price Premium on Bond (b) EFFECTIVE INTEREST AMORTIZATION TABLE (c) JOURNAL ENTRIES FOR BOND TRANSACTIONS: DR CR (1) On the date of issue, December 31, 2017: (2) On the interest payment date, June 30, 2018: (d) Balance Sheet, December 31, 2019 Long-Term Liabilities: (e) 1. Interest Expense reported for 2018 = 2. Interest Expense reported for 2019 = 3. Interest Expense Over the Life of the Bond = 4. Interest Expense Over the Life of the Bond if straight-line amortization is used =