Reference no: EM132822901
Omnidebt Corp. issued $15,000,000 of 4%, 20-year bonds on February 1, 2000. The bonds are callable at 102 at any time. At the time of issuance, the market rate for similar bonds was 6%. Interest is paid each June 30 and December 31. Leveraged, Inc employs the effective interest method on its bonds.
Question 1: Record the issuance of the bonds on February 1, 2000.
Question 2: Record the interest payment on June 30, 2000.
Question 3: Record the interest payment on December 31, 2000.
Question 4: On January 1, 2001, Leveraged, Inc repurchased the bonds at the call price. Record the journal entry to extinguish the debt.
Question 5: Pretend D did not happen. What would be the journal entry on January 1, 2001 if Leveraged, Inc decided to adjust the value of the bond using the Fair Market Value method and the market interest rate on that date was 8%? (hint, there are 19 years left and the PVA of n=19, i=8% is 9.6036)
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