Prepare the journal entry to record interest on June

Assignment Help Accounting Basics
Reference no: EM133043011

Question - National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $400,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31.

Required -

1. Determine the price of the bonds at January 1, 2021.

2. Prepare the journal entry to record their issuance by National on January 1, 2021.

3. Prepare an amortization schedule that determines interest at the effective rate each period.

4. Prepare the journal entry to record interest on June 30, 2021.

5. Prepare the appropriate journal entries at maturity on December 31, 2024.

Reference no: EM133043011

Questions Cloud

How much was borrowed : A loan requires a single payment of $4,000 at the end of three years. The loan's interest rate is 6%, compounded semiannually. How much was borrowed
Accomplish the proposed od intervention : Identify what are the technical requirements needed to accomplish the proposed OD intervention. Use the following to expand your technical requirements: Skills,
Internet-only recruiting strategy : List and explain 2 disadvantages to using an Internet-only recruiting strategy.
Developing a recruitment and selection plan : You work for Family Care Health Center a non-for-profit organization that specializes in the provision of elderly care and specialized care services for people
Prepare the journal entry to record interest on June : For bonds of similar risk and maturity the market yield was 12%. Prepare the journal entry to record interest on June 30, 2021
Outline hr operating structure : Outline HR operating structure that would support any SME or Start Up type of organisation. Outline advantages and disadvantages of your proposal.
Proper covid-19 sanitation procedures : What would you do to ensure that they cannot harm the children? What policies might you have to put in place and enforce to ensure proper COVID-19 sanitation
What is the most you would pay for the stock now : Grow On, Inc. is a firm that is experiencing rapid growth. The firm yesterday paid a dividend of $3.70. What is the most you would pay for the stock now
Explain the part of corporate operations : Question 1: In what ways is healthcare marketing now considered part of corporate operations?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Identify the components of the overview diagram

Identify the components of the overview diagram of Lewis's job-costing system. Compute the 2014 budgeted direct-cost rate per hour of professional labor.

  What is the predetermined overhead rate per tin

Jordan and Taylor became friends after meeting on a reality cooking show. What is the predetermined overhead rate per tin

  What are the numbers for COGS and ending inventory

If you are to prepare the financial statement for this quarter, what are the numbers for COGS and ending inventory given the following cost flow

  Determine the income tax expense to be reported

Joplin Laminating Corporation reported income before income taxes during the first three quarters, Determine the income tax expense to be reported

  Capital structure and dividend policy-target structure

Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).

  What is the amount and character

Buzz bought the building for ten years ago for 650,000 and has claimed 200,000 of depreciation expense what is the amount and character if Buzz's gain or loss

  Prepare the adjusting entries for arantxa on december 31

rockland corporation earned net income of 300000 in 2014 and had 100000 shares of common stock outstanding throughout

  Explain the statement whereas the balance sheet can be

explain the statement whereas the balance sheet can be thought of as a snapshot of the firms financial position at a

  Prepare journal entries for the ?nancial reorganisation jim

Prepare the journal entries for the ?nancial reorganisation of Jim Cabinets.Jim's Cabinets has been experiencing financial difficulties since

  Discuss the rules of professional conduct violated

Discuss the Rules of Professional Conduct violated and the nature of the violations. In addition discuss any actions taken during the audit

  What are internal controls why do companies need them what

what are internal controls? why do companies need them? what are some examples of internal controls? who is responsible

  What amount of cost recovery deduction nissa should report

Nissa owns a building that she rents to Len. What is the amount of the cost recovery deduction Nissa should report on her 2016 income tax return?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd