Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The carrying amount column is right of the discount amortized column, it was just too big to fit in photos. Please help ASAP On May
The carrying amount column is right of the discount amortized column, it was just too big to fit in photos. Please help ASAP
On May 1, 2017, Kingbird Ltd. issued a series of bonds in order to raise money for some upcoming projects. The bonds had a face value of $5,426,000 and matured in 10 years. Interest was payable at a face rate of 6% each April 30 and October 31. The bonds were issued to yield 7.0%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a-b) Your answer is partially correct. 1 1 Calculate the issue price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Issue Price $ 5057314 Prepare a bond discount/premium amortization table. (Round answers to 0 decimal places, e.g. 5,275.) Date Amortized Cash Paid Discount Interest Expense 1-May-2017 31-Oct-2017 $ 162780 $ 177006 $ - 14226 30-Apr-2018 162780 31-Oct-2018 162780 30-Apr-2019 162780 31-Oct-2019 162780 30-Apr-2020 162780 31-Oct-2020 162780 30-Apr-2021 162780 31-Oct-2021 162780 30-Apr-2022 162780 31-Oct-2022 162780 30-Apr-2023 162780 31-Oct-2023 162780 30-Apr-2024 162780 31-Oct-2024 162780 30-Apr-2025 162780 31-Oct-2025 162780 TALANA 30-Apr-2026 162780 31-Oct-2026 162780 30-Apr-2027 162780 $ 3255600 $ AStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started