FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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a1

m McWherter Instruments sold $450 million of 8% bonds, dated January 1, on January 1, 2024. . The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 10% • Interest is paid semiannually on June 30 and December 31. . Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of S1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 4 Determine the price of the bonds issued on January 1, 2024. Note: Enter your answer in whole dollars. Bond price Replied 1 Required 2 >
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Transcribed Image Text:m McWherter Instruments sold $450 million of 8% bonds, dated January 1, on January 1, 2024. . The bonds mature on December 31, 2043 (20 years). For bonds of similar risk and maturity, the market yield was 10% • Interest is paid semiannually on June 30 and December 31. . Blanton Technologies, Incorporated, purchased $450,000 of the bonds as a long-term investment. Required: 1. Determine the price of the bonds issued on January 1, 2024. 2. Prepare the journal entries to record (a) their issuance by McWherter and (b) Blanton's investment on January 1, 2024. 3. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on June 30, 2024 (at the effective rate). 4. Prepare the journal entries by (a) McWherter and (b) Blanton to record interest on December 31, 2024 (at the effective rate). Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of S1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 4 Determine the price of the bonds issued on January 1, 2024. Note: Enter your answer in whole dollars. Bond price Replied 1 Required 2 >
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Step 1: Introduction
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Step 2: Computation of Issue Price of Bond
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Step 3: Computation of Present Value of Investment in Bonds
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