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please helppp ter 10 Assignment Saved Help 3 On January 1, 2021, Surreal Manufacturing issued 600 bonds, each with a face value of $1,000, a
please helppp
ter 10 Assignment Saved Help 3 On January 1, 2021, Surreal Manufacturing issued 600 bonds, each with a face value of $1,000, a stated interest rate of 3 percent pold annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 4 percent, so the total proceeds from the bond issue were $583,352. Surreal uses the simplified effective-interest bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023. at a price of 101. . O Complete this question by entering your answers in the tabs below. ces Reg 1 Reg 2 to 5 Prepare a bond amortization schedule. (Do not round intermediate calculations. Round your answers to the nearest whole dollar. Make sure that the carrying value equals to face value of the bond in the last period. Interest expense in the last period should be calculated as Cash Interest (+/-) Increase in Bonds Payable, Net.) Beginning of Year Changes During the Period End of Year Bonds Payable, Interest Cash Paid Increase in Bonds Period Bonds Net Expense Payable, Net Payable, Net 01/01/21-12/31/21 $ 0 $ 0 01/01/22-12/31/22 0 0 01/01/23-12/31/23 0 0 Reg 2 to 5 > pro oho Found intermediate calculations. If no entry is required for a transaction event, select Journal intry Required in the first account Reid. Hound your answers to the nearest whole dolar) the less 10 posts View transactions Journal entry worksheet Record the issuance of 600 bonds at face value of $1,000 each for $583,352 Roces Note Enter debits before create General Journal Debat Credi Date January 01, 2021 Record entry Clear entry View general Journal Journal entry worksheet Book Step by Step Solution
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