Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 9.00

Dolphin Corp

P9-70A (Learning Objectives 1, 2, 5: Issue bonds at a discount; amortize by the straight-line method; report bonds payable and accrued interest on the balance sheet) On February 28, 2012, Dolphin Corp. issues 6%, 10-year bonds payable with a face value of $900,000. The bonds pay interest on February 28 and August 31. Dolphin Corp. amortizes bonds by the straight-line method.

â–¶ Requirements

1. If the market interest rate is 5% when Dolphin Corp. issues its bonds, will the bonds be priced at par, at a premium, or at a discount? Explain.

2. If the market interest rate is 7% when Dolphin Corp. issues its bonds, will the bonds be priced at par, at a premium, or at a discount? Explain.

3.    Assume that the issue price of the bonds is 96. Journalize the following bonds payable transactions.

a.    Issuance of the bonds on February 28, 2012

b.   Payment of interest and amortization of the bonds on August 31, 2012

c.    Accrual of interest and amortization of the bonds on December 31, 2012, the year end.

d.   Payment of interest and amortization of the bonds on February 28, 2013

4.    Report interest payable and bonds payable as they would appear on the Dolphin Corp. balance sheet at December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 PM My Price 9.00

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