Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 8.00

Atwater Corporation

On July 1, 2011, Atwater Corporation issued $2,000,000 face value, 10%, 10-year

bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater

uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual

interest July 1 and January 1.

Instructions

(Round all computations to the nearest dollar.)

(a) Prepare the journal entry to record the issuance of the bonds on July 1, 2011.

(b) Prepare an amortization table through December 31, 2012 (3 interest periods) for this bond

issue.

(c) Prepare the journal entry to record the accrual of interest and the amortization of the premium

on December 31, 2011.

(d) Prepare the journal entry to record the payment of interest and the amortization of the

premium on July 1, 2012, assuming no accrual of interest on June 30.

(e) Prepare the journal entry to record the accrual of interest and the amortization of the

premium on December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 AM My Price 8.00

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