Reference no: EM132844348
PC Inc., a public company following IFRS, issued 10-year bonds with a face value of $10,600,000 on January 12021. The bonds pay 7% interest on a semi-annual basis every January 1 and July The bonds were issued to yield 6%. The bonds mature on January 12031. On April 1, 2023, 1/4 of the bonds were called at 107 plus accrued interest. PC Inc. uses the effective interest method to account for any bond premium or discount.
Required:
Problem 1. Calculate the amount at which the bonds were sold on January 1, 2021.
Problem 2. Prepare an amortization schedule for the first 5 interest payments following the issuance of the bonds.
Problem 3. Prepare PC Inc.'s journal entries to record each of the following:
a. The issuance of the bonds on January 1, 2021.
b. The payment of bond interest on July 1, 2021.
c. The repurchase and redemption of the bonds on April 1, 2023, including the payment of accrued interest on the retired bonds. Note that any entries pertaining to the bonds have been recorded to January 1, 2023.
|
Record the journal entry for the repurchase of the bond
: The bond was selling on the open market for $103,657. Want is not stupid. Record the journal entry for the repurchase of the bond
|
|
What is the contribution per unit for sunny c in first year
: What is the contribution per unit for Sunny C in the first year? All Citrus Industries (ACI) is a manufacturer who sells to wholesalers who sell to retailers.
|
|
What is the variance of sample means
: A set of 14 samples is drawn from the population and sample means calculated for each. What is the variance of these sample means?
|
|
How do data mining and predictive analytics work
: Should secondary use of consumer provided data be available without notice to the consumer? How do data mining and predictive analytics work?
|
|
Calculate the amount at which the bonds were sold on january
: Calculate the amount at which the bonds were sold on January 1, 2021. PC Inc., a public company following IFRS, issued 10-year bonds with a face value.
|
|
How much is the cost per machine
: During the year, the company completed 20 machines. How much is the cost per machine? What is the benefit for the company to know the cost per machine
|
|
Differences between endogenity and autocorrelation
: Explain the differences between endogenity and autocorrelation? Under which circumstances is one most likely to encounter each of these problems?
|
|
Explain why a liability should or should not be recognized
: Assuming A& A Company follows IFRS, indicate (yes or no) whether the company should recognize a liability in its financial statements.
|
|
Define how the advancement was used during the pandemic
: In this unit, you explored different types of digital divides, including geographical (urban-rural), racial, intergenerational, and international.
|