Ellis company issues a 6.5%, five year bonds dated January 1, 2019, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issues at a price of $255,333. The annual market rate is 6% on the issue date. (these are annual dates) i. Determine the proceeds using the PV function in excel. (please show work/ formulas) ii. Create and report the 10-period amortization table(show work/formulas) iii. Make the journal entry for the proceeds, plus the first two interest payments. Report the effects of all entries..

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Ellis company issues a 6.5%, five year bonds dated January 1, 2019, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issues at a price of $255,333. The annual market rate is 6% on the issue date. (these are annual dates)

i. Determine the proceeds using the PV function in excel. (please show work/ formulas)

ii. Create and report the 10-period amortization table(show work/formulas)

iii. Make the journal entry for the proceeds, plus the first two interest payments. Report the effects of all entries..

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