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What is the total cash received on the issue date

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Reference no: EM132485650

Question 1: A company issues $25700000, 5.8%, 20-year bonds to yield 6% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $25105950. Using effective-interest amortization, how much interest expense will be recognized in 2017?

Option 1: $1506593

Option 2: $745300

Option 3: $1506386

Option 4: $1490600

Question 2: Vaughn Manufacturing retires its $740000 face value bonds at 101 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $712250. The entry to record the redemption will include acredit of $27750 to Discount on Bonds Payable.

  1. credit of $27750 to Loss on Bond Redemption.
  2. debit of $35150 to Gain on Bond Redemption.
  3. debit of $7400 to Premium on Bonds Payable.

Vaughn Manufacturing issues $31300000 of 10-year, 9% bonds on March 1, 2017 at 97 plus accrued interest. The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

Option 1: $32004250

Option 2: $30361000

Option 3: $30830500

Option 4: $29930500

Reference no: EM132485650

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