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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Merideth Industries Inc

PR 12-2A  Bond discount, entries for bonds payable transactions

On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year,  8%  bonds  at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds is payable semiannually  on  December  31  and  June  30.  The  fiscal  year  of  the  company is  the  calendar  year.

Instructions

1.    Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 2016.

2.    Journalize the entries to record the following:

a.    The first semiannual interest payment on December 31, 2016, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)

b.    The interest payment on June 30, 2017, and the amortization of the bond discount, us- ing the straight-line method. (Round to the nearest dollar.)

3.    Determine the total interest expense for 2016.

4.    Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest?

5.    (Appendix 1) Compute the price of $26,646,292 received for the bonds by using the present value tables in Appendix A at the end of the text. (Round to the nearest dollar.)

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 10:08 PM My Price 11.00

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