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On May 1, 2020, Blackhawks Industries Ltd. issued $ 2,000,000, 10% bonds and received cash proceeds of $ 2,243,313. The bonds pay interest semi-annually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. Blackhawks uses the effective interest method of amortizing bond discounts and premiums. The bonds were sold to yield an effective interest rate of 8%. Instructions
Problem a) Based on the data provided, verify the yield rate using a Financial Calculator or Excel or PV Tables.
Problem b) With proper headings, present an amortization table, indicating the amount of interest expense, interest paid, discount or premium amortized and balance of the carrying value from issuance date to May 1, 2022, while the above-mentioned bonds were outstanding. Show calculations and round all values to the nearest dollar.
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