The notes to the Helping Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year):v(Click the icon to view the financial statement data.)

Helping amortizes bond discounts using the effective-interest method and pays all interest amounts at December 31.

Homework: Ch 9 Homework Save Score: 0 of 20 pts 16 of 20 (15 complete) HW Score: 67.86%, 271.43 of 400 pts P9-53A (similar to) A Question Help O The notes to the Helping Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year): 5 Click the icon to view the financial statement data.) Helping amortizes bond discounts using the effective interest method and pays all interest amounts at December 31. Read the requirements. Requirement 1. Assume the market interest rate i 7% on January 1 of year 1, the date the bonds are issued. (Round your answers to the nearest whole dollar.) a. Using the PV function in Excel, what is the issue price of the bonds? The issue price of the bonds is $ Data Table Requirements 1. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued Note 6. Indebtedness Bonds payable, 2% due on December 31, Year 8 $6,000,000 Less: Discount ? c. a. Using the PV function in Excel, what is the issue price of the bonds? b. What is the maturity value of the bonds? What is Helping's annual cash interest payment on the bonds? d. What is the carrying amount of the bonds at December 31, year 1? 2. Prepare an amortization table through December 31, Year 4 for the bonds. (Round all amounts to the nearest dollar.) How much is Helping's interest expense on the bonds for the year ended December 31, Year 4? Show how Helping would report these bonds and notes at December 31, Year 4. Notes payable, 6%, payable in $40,000 annual installments starting in Year 5 240,000 Print Done 3. Ente Print Done 10 Clear All Check Answer remaining