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On January 1, 2021, Oriole Ltd. issued bonds with a maturity value of $6,900,000 when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year-end is December 31.
Problem 1: Assume instead that the bonds were not redeemed on January 1, 2023. Record the entry for the repayment of the bonds on January 1, 2031.
Problem 2: What will be the total interest payment over the 10-year life of the bonds? What will be the total interest expense over the 10-year life of the bonds?
ssuming purchase accounting treatment (not a merger of equals), What would the journal entry have been if Steinway had only bought 80% of UMI and paid $67,382?
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