Reference no: EM132493713
Nordic Company issued bonds with the following provisions:
Maturity value: $60,000,000.
Interest: 7.9 percent per annum payable semi-annually each June 30 and December 31.
Terms: Bonds dated January 1, 2017, due five years from that date.
The company's fiscal year ends on December 31. The bonds were sold on January 1, 2017, at a yield of 8 percent.
REQUIRED:
Question 1. Compute the issue (sale) price of the bonds. (Round time value factor to 4 decimal places. Round the final answer to the nearest whole dollar.)
Question 2. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round the final answers to the nearest whole dollar.)
Question 3. Prepare the journal entries at the following dates: June 30, 2017; December 31, 2017; and June 30, 2018. Use the effective-interest method to amortize bond discount or premium. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round the final answers to the nearest whole dollar.)
Question 4. How much interest expense would be reported on the statement of earnings for 2017? (Round intermediate and final answer to the nearest whole dollar.)
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