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Problem - On April 1, 2017 Alpha Company sells $2,750,000 face value of 9% 10-year bond which call for semiannual interest payments. The bonds are dated April 1, 2017 so these bonds are issued on an interest date. The bonds were priced at $2,936,876 and had a market rate at the date of issue of 8%. Use the straight line method of amortization of any bond premium or discount. For simplicity, use a 360-day year and 30 day months for all calculations.
1. Record the journal entries for the issuance of the bonds.
2. Record the journal entries for the first interest payment due on October 1, 2017. Assume that interest has not been accrued at each month end.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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