FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Quatro Company issues bonds dated January 1, 2021, with a par value of $860,000. The bonds' annual contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 8%, and the bonds are sold for $905,068. 1. What is the amount of the premium on these bonds at issuance? 2. How much total bond interest expense will be recognized over the life of these bonds? 3. Prepare an effective interest amortization table for these bonds Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an effective interest amortization table for these bonds. Note: Round all amounts to the nearest whole dollar. Semiannual Interest Period-End Cash Interest Bond Interest Paid Expense Premium Amortization Unamortized Premium Carrying Value 01/01/2021 $ 45,068 $ 905,068 06/30/2021 + 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 Total < Required 2 Required 3 >
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Transcribed Image Text:Quatro Company issues bonds dated January 1, 2021, with a par value of $860,000. The bonds' annual contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 8%, and the bonds are sold for $905,068. 1. What is the amount of the premium on these bonds at issuance? 2. How much total bond interest expense will be recognized over the life of these bonds? 3. Prepare an effective interest amortization table for these bonds Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an effective interest amortization table for these bonds. Note: Round all amounts to the nearest whole dollar. Semiannual Interest Period-End Cash Interest Bond Interest Paid Expense Premium Amortization Unamortized Premium Carrying Value 01/01/2021 $ 45,068 $ 905,068 06/30/2021 + 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 Total < Required 2 Required 3 >
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