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WEEK 4 - Chapter 14 Homework (Part B) Saved Check my work mode : This shows what is correct or incorrect for the work you have complete 3 On February 1, 2021, Cromley Motor Products issued 8% bonds, dated February 1, with a face amount of $75 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $75,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 25 points Required: 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. 2-b. Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity 3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Req 2B Reg 3 Reg 4 Cromley Req 4 Barnwell Determine the price of the bonds issued on February 1, 2021. (Do not round intermediate calculations. Enter your answer in whole dollars.) Price of the bonds $ 70,152,590 Reg 1 Reg 2A Reg 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Cromley's effective interest expense for each interest period during the term to maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance 1 S S s 2 3 3 4 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 24,000,000 5 6 7 8 Totals Outstanding Balance S 70,152,590 70,660,220 71,193,230 71,752,892 72,340,537 72,957.564 73,605,442 74,285,714 75,000,000 3,507,630 3,533,011 3,559,662 3,587 645 3,617,027 3,647,878 3,680,272 3,714,286 28,847,411 507,630 533,011 559,662 587,645 617.027 647,878 680,272 714,286 4,847,411 S S S Req 1 Reg 2A Reg 2B Reg 3 Req 4 Cromley Req 4 Barnwell Prepare amortization schedules that indicate Barnwell's effective interest revenue for each interest period during the term to maturity. (Do not round intermediate calculations. Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance 1 S S $ N 3 4 5 Outstanding Balance S 70,153 70,661 71,194 71,754 72,342 72,959 73,607 74,287 75,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 24,000 5 6 7 8 Totals 3,508 3,533 3,560 3,588 3,617 3,648 3,680 3,714 28,848 508 533 560 588 617 648 680 714 4.848 S $ Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req3 Req 4 Cromley Req 4 Barnwell Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell's investment on February 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No Credit 1 Date General Journal February 01, 2021 Cash Discount on bond investment Bonds payable Debit 70,152,590 4,847,410 75,000,000 2 2 70,153 February 01, 2021 Investment in bonds Cash 70,153 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Req3 Reg 4 Cromley Req 4 Barnwell Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No Date General Journal Credit Debit 3,000,000 1 July 31, 2021 Interest expense Cash 3,000,000 2 507,630 December 31, 202 Interest expense Discount on bond investment 507,630 3 3,000,000 January 31, 2022 Interest expense Cash 3,000,000 4 July 31, 2022 533,011 Interest expense Discount on bond investment 533,011 5 559.662 December 31, 202 Interest expense Discount on bonds payable 559,662 6 3,000,000 January 31, 2023 Interest expense Cash 3,000,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req3 Req 4 Cromley Req 4 Barnwell Prepare the journal entries by Barnwell to record all subsequent events related to the bonds through January 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) No General Journal Credit Date July 31, 2021 Debit 3,000 1 Cash Interest revenue 3,000 2 508 December 31, 202 Investment in bonds Interest revenue 508 3 3,000 January 31, 2022 Cash Interest revenue 3,000 4 July 31, 2022 Cash 3,000 Interest revenue 3,000 5 560 December 31, 202 Investment in bonds Interest revenue 560 3,000 January 31, 2023 Cash Interest revenue 3,000