Class Exercise Summer 2019 On January 1, 2018 Professors Credit Union sold a 10 year Bond issue of $500,000. The Bonds were issued at a sale price of 97. The Bonds require semi-annual interest payments on July 1 and January 1 at a stated rate of 1. 6%. Required: a. Journalize the issuance of the bonds on January 1, 2018. b. Journalize the interest payment of July 1, 2018 and any amortization of discount or premium. c. Journalize the accrual of interest on December 31, 2018 and any amortization of discount or premium. d. Journalize the payment of interest on January 1, 2019. Submit your journal to instructor

Oct 1, 2023: Record the retirement of bond for $883,000. Record the retirement of bond for $887,879. Record the retirement of bond for $890,900.

An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years.  The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?

etproctorio.com/secured Proctoring Enabled: FINAL EXAM Peuned Upda Help Seve &Ext Submit 24 On January 1, 2019, a company issued $400,200 of 10-year, 12% bonds. The Interest is payable semi-annually on June 30 and December 31. The Issue price was $413,553 based on a 10% market linterest rate. The effective-Interest method of amortization is used. What is the book value of the bond liability as of June 30, 2019 (to the nearest dollar)? 570 Multiple Choice $410,219. $400,200. $416,887. $403,534.

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Debt Issued at a Discount (Straight Line) On January 1, 2020, Drew Company issued $350,000, 5-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on December 31. Required: Prepare the necessary journal entry on December 31, 2021, assuming the straight-line method is followed.

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