X WileyPLUS Class Specifications | Sorted yment Opp LE https://edugen.wileyplus.com/edugen/student/mainfr.uni Downloadable eTextbook tice Gradebook ORION Assignment ment NEXT BACK PRINTER VERSION FULL SCREEN CALCULATOR Exercise 16-2 Your answer is partially correct. Try again. Sandhill Inc. issued $3,780,000 of 9%, 10-year convertible bonds on June 1, 2017, at 98 plus accrued interest. The bonds were dated April 1, 2017, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2018, $1,417,500 of these bonds were converted into 30,000 shares of $19 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at October 1, 2017. Assume that accrued interest payable was credited when the bonds were issued. (b) Prepare the entry to record the conversion on April 1, 2018. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.) Credit Debit No. Account Titles and Explanation 56,700 (a) Interest Payable 10:31 PM o search 9/22/2019 Print Screen F9 E12 E10 F8 F7 F6 F5 F4 k & +

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ASsignmentiMain.do?invoker=& takeAssignmentSessionLocator%3D&inprogress%-false rk eBook Calculator Print Item Compute Bond Proceeds, Amortizing Premium by Interest Method, and Interest Expense Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware Co. issued $90,000,000 of five-year, 12% bonds at a market (effective) interest rate of 10%, with interest payable semiannually. Compute the following: a. The amount of cash proceeds from the sale of the bonds. Use the tables of present values in Exhibit 8 and Exhibit 10. Round to the nearest dollar. b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. Round to the nearest dollar. C. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Round to the nearest dollar. d. The amount of the bond interest expense for the first year. Round to the nearest dollar. SHEET.A... SHEET KSHEET.A...…

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