sa !Required informationProblem 9-7B Calculate the issue price of a bond and prepare amortization schedules (LO9-5, 9-7)[The following information applies to the questions displayed below.]Christmas Anytime issues $810,000 of 7% bonds, due in 20 years, with interest payable semiannually on June 30 andDecember 31 each year.Calculate the issue price of a bond and complete the first three rows of an amortization schedule when:Problem 9-7B Part 1Required:1. The market interest rate is 7% and the bonds issue at face amount. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriatefactor(s) from the tables provided. Do not round interest rate factors. Round your answers to nearest whole dollar.)Issue priceDateCash Paid01/01/202106/30/2021 $12/31/202128,35028,350InterestExpenseChange inCarrying ValueCarrying Value

Issue price of bonds is the present value of the interest annuity & maturity amount at market…

Answered: Christmas Anytime issues $810,000 of 7%…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.1P

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