Stinson Corporation issued $600,000 of 5%, 15-year bonds payable on March 31, 2022. The market interest rate at the date of issuance was 9%, and the bonds pay interest semiannually. Stinson Corporation's year-end is March 31. Read the requirements www 1. Using the PV function in Excel, calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is $ 404,533 2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar. Discount Bond Semiannual Interest Date Interest Payment Interest Expense Discount Amortization Account Balance C A Mar 31, 2022 195,467 04,533

Stinson Corporation issued $600,000 of 5%, 15-year bonds payable on March 31, 2022. The market interest rate at the date of issuance was 9%, and the bonds pay interest semiannually. Stinson Corporation's year-end is March 31. Read the requirements www 1. Using the PV function in Excel, calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is $ 404,533 2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar. Discount Bond Semiannual Interest Date Interest Payment Interest Expense Discount Amortization Account Balance C A Mar 31, 2022 195,467 04,533

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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