PA2. LO 13.1 On July 1, Somerset Inc. issued $200,000 of 10%, 10-year bonds when the market rate was 12%. The bonds paid interest semi-annually. Assuming the bonds sold at 58.55, what was the selling price of the bonds? Explain why the cash received from selling this bond is different from the $200,000 face value of the bond. For your extra credit please address the following items: 1.) Prepare the journal entry for issuance on July 1. 2.) Prepare the journal entry to record the first interest payment and amortization. Use December 31 as your date for this entry. Show your work. 3.) What is the bond's carrying value at December 31. Show your work.

In January 1 20x1 abc company issued a 1000000 10 year bond with a stated interest rate of 9% payable annually every December 31st the market interest rate is 7% the bonds price is 1140160.

The following table lists several corporate bonds issued during a particular quarter. Company AT&T Bank ofAmerica GeneralElectric GoldmanSachs Verizon WellsFargo Time toMaturity(years) 10 10 2 3 8 7 AnnualRate (%) 2.40 5.00 5.25 7.15 4.15 3.50 If the General Electric bonds you purchased had paid you a total of $6,630 at maturity, how much did you originally invest? (Round your answer to the nearest dollar.)

.14.. Fly Adventures issues bonds due in 10 years with a stated interest rate of 6% and a face value of $500,000. Interest payments are made semi-annually. The market rate for this type of bond is 5%. What is the issue price of the bonds? A. $537,194. B. $464,469. C. $538,973. D. $500,000. PV 1 2.5% 20pds .61027 PV 13% 10pds .74409 PVA 2.5% 20pds 15.56816 PVA 3% 20pds 14.87747

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31.  Help me selecting the right answer. Thank you

2. Deccan Corporation issued 10% 1,000,000 bond on January 1.2011 The market rate of interest is 12% Interest is paid semi annual The term of the bond is 5 years. V. How much would an investor pay for this bond? VI. Make Journal entries to record the receipt of cash from the sale of the bond in Deccan Corporations books VII. Amortize the bond discount over the term of bond using a. Straight line Method b. interest rate method VIII. Make Journal entries to record the payment of interest on 31 December 2011.

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