Wk 4 - Apply: Summative Assessment [due Day 7] 20 3 points Saved Help LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.4 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. (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.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? eBook Complete this question by entering your answers in the tabs below. References Req 1 and 2 Req 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the purchase of the components. Note: Enter debits before credits. Date November 01, 2021 General Journal Debit Credit 20 3 points LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.4 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%.(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.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? eBook Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 References Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 2 Record the first installment payment. Note: Enter debits before credits. Date November 30, 2021 General Journal Debit Credit 20 20 3 points LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.4 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. (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.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? eBook Complete this question by entering your answers in the tabs below. References Req 1 and 2 Req 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense < Req 1 and 2 Req 3 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req 3 Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.) Price of the bonds < Req 1A Req 1B > 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req 3 Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event 1 General Journal Debit Credit 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req 3 Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event 1 General Journal Debit Credit 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook References Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. (Enter your answer in whole dollars.) Price of the bonds < Req 1B Req 2B > 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req 3 Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record the issuance of bonds by Instaform. Note: Enter debits before credits. Event 1 General Journal Debit Credit 20 4 points On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $58 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually. (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.) Required: 1-a. Determine the price of the bonds at January 1, 2021. 1-b. Prepare the journal entry to record their issuance by Instaform. 2-a. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. 2-b. Assume the market rate was 9%. Prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. eBook Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req 3 Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record the purchase of bonds by Broadcourt. Note: Enter debits before credits. Event General Journal Debit Credit