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Determine the dollar value of the annual bond premium

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Q1- On January 1, 2021, Baltimore Company issued $400,000 face value, 5%, 5-year bonds at 101. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the annual bond premium amortization.

Q2- Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,000 and expected direct labor hours of 9,500 for the current fiscal year. If job number 117 incurs 2,300 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for?

Q3- Annapolis Company purchased a $5,000, 8%, 5-year bond at 95 and held it to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment?

Q4- Allstar Company signed a $200,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,900 at the end of each month. The interest rate is 5% per year. How much interest expense will be paid on August 31, 2021? Do not use actual days; assume a 360 day year and 30 day months.

Reference no: EM133035518

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