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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Pretender Company

Ex 12-6 Entries for issuing bonds and amortizing discount by straight-line method ObJ. 2, 3 On the first day of its fiscal year, Pretender Company issued $18,500,000 of five-year, 10% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually.  The  bonds  were  issued  at  a  market  (effective)  interest rate  of  12%,  resulting  in  Pretender  Company  receiving  cash  of $17,138,298.

a.     Journalize the entries to record the following:

1.     Issuance of the bonds.

2.     First semiannual interest payment. The bond discount is  combined  with  the semiannual interest payment. (Round your answer to the nearest dollar.)

3.     Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.)

b.     Determine the amount of the bond interest expense for the first year.

c.     Explain why the company was able to issue the bonds for only $17,138,298 rather than for the face amount of $18,500,000.

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 09:08 PM My Price 7.00

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