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Question - Lifetime Fitness wants to raise lots of capital. They decide to raise money via issuing a bond on January 1, 2020.
We know the following:
Face Value: $250,000
Contract (Coupon) Rate 6.5%
Effective Rate: 6%
Life: 5-Years
Semiannual Payments
Present Value of the Bond: 255,333.
1: Is this Bond issued at a Premium or a Discount?
Premium. 6.5% Coupon vs 6% effective market.
2: What is the Journal Entry Required when the Bond is First Issued? You can omit the description in the journal entry.
3: Calculate the CASH AMOUNT of the Interest Payments each time a payment is made and the INTEREST EXPENSE we would record each payment.
4: What is the carrying value of the bond on December 31, 2022? *Make sure to calculate the time period covered here!
On June 30, 2014, the balance sheet of Zorab & Co. showed total assets of $400,000. As of July 31, 2014 what is the amount reported in Total assets?
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