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..

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..

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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