I need answer expert solutionNeed answer step by step eBookShow Me HowOffice 365Compute bond proceeds, amortizing premium by interest method, and interest expenseWare Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued $30,000,000 of 3-year, 11% bonds at a maranswers in the questions below.Open spreadsheetCompute the following:a. The amount of cash proceeds from the sale of the bonds. Round your answer to the nearest dollar.b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. Round your ans$c. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Round your a$d. The amount of the bond interest expense for the first year. Round your answer to the nearest dollar.

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PB: Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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eBook Show Me How Interest Payments and Interest Expense for Bonds (Straight Line) Swiss Inc. sold 20-year bonds with a total face amount of $362,000 and a stated rate of 7.5%. The bonds sold for $386,000 on January 1, 2024, and pay interest semiannually on June 30 and December 31. Required: 1. Prepare the entry to recognize the sale of the bonds. If an amount box does not require an entry, leave it blank. 2024 Jan. 1 - Select - - Select - - Select - - Select - - Select - - Select - (Record issuance of bonds at premium.) 2. Determine the amount of the semiannual interest payment required by the bonds. Round your answer to the nearest whole dollar and use the same in subsequent calculations.$fill in the blank 90bb6d03c014ff2_1 3. Prepare the journal entry made by Swiss at June 30, 2024, to recognize the interest expense and an interest payment. If an amount box does not require an entry, leave it blank. 2024…
eBook Medhurst Corporation issued $89,200 in bonds for $86,000. The bonds had a stated rate of 5% and pay interest quarterly. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank. Interest Expense Discount on Bonds Payable Cash
Compute bond proceeds, amortizing premium by interest method, and interest expense Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued $44,000,000 of 5-year, 13% bonds at a market (effective) interest rate of 10%, with interest payable semiannually. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Compute the following: a. The amount of cash proceeds from the sale of the bonds. Round your answer to the nearest dollar. b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. c. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. d. The amount of the bond interest expense for the first year. Round your…
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eBook Show Me How Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $1,400,000 of 9-year, 6% bonds at a market (effective) interest rate of 5%, receiving cash of $1,500,473. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 20Y1. If an amount box does not require an entry, leave it blank. 000 000 b. Journalize the entry to record the first interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. eck My Work 000 000 c. Why was the company able to issue the bonds for $1,500,473 rather than for the face amount of $1,400,000? The market rate of interest is the contract rate of interest. < Previous Next
Compute bond proceeds, amortizing discount by interest method, and interest expense Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 11%, with interest payable semiannually. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Compute the following: a. The amount of cash proceeds from the sale of the bonds. Round your answer to the nearest dollar. $ b. The amount of discount to be amortized for the first semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. $ 73,969,806 X $ c. The amount of discount to be amortized for the second semiannual interest payment period, using the interest method. Round your answer to the nearest dollar. 468,339 X $ 442,581 X d. The amount of the bond…
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