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Calculate the issue price of the bonds

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Question - On January 1, 2011, Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 12%, payable semiannually on June 30 and December 31. The bonds were sold to yield 10%.

Please do the following items as instructed:

(a) Calculate the issue price of the bonds (show formulas).

(b) Prepare the amortization table for 2011, assuming that amortization is recorded on interest payment dates. (Round to the nearest dollar)

(c) Prepare entries to record the issuance of the bonds.

(d) Prepare entries to record the payment of interest and related amortization on 12/31/11.

(e) Prepare Balance Sheet for 2011 in the following format (fill in blanks and give proper amounts):

_____% bonds payable due December 31, 20__ $__________

_____ (Plus or Minus): _________on bonds payable __________

(f) The bonds were retired at 103 on 1/31/12 and accrued interests were also paid upon bonds retirement.

Reference no: EM131796222

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