Auerbach Inc. issued 8% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $300 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 10%.   How much cash interest does Auerbach pay on March 31, 2022? (Round your answer to 2 decimal places.) Top of Form Multiple Choice $24.00 million. $12.00 million. $30.00 million. $15.00 million.

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Presented below are selected transactions on the books of Swifty Corporation. June 1, 2020 Dec 31 Jan. 1, 2021 August 1 Dec. 31 Bonds payable with a par value of $708,000, which are dated January 1, 2017, are sold at 98 plus accrued interest. They are coupon bonds, bear interest at 8% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of discount. (Use straight-line amortization) interest on the bonds is paid. Bonds with par value of $283,200 are called at 102 plus accrued interest, and retired. (Bond discount is to be amortized only at the end of each year) Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of discount amortized. Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answers to O…

2. On January 1, 2020, Dawson Inc. issued bonds with a face value of $400,000 and coupon interest rate of 5%. The bonds pay interest semi-annually on July 1 and January 1. The market rate at January 1, 2020 is 4%.  (a) Are the bonds being issued at a premium or a discount? (b) Prepare the journal entry for the issue, assuming the bonds are issued at 101.4. (No explanation required.) (c) Record the entry for the first interest payment at July 1, 2020. (No explanation required.)