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Bond issue price and premium amortization. On January 1, 2015, Piper Co. issued ten-year bonds with a face value of $3,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are: Present value of 1 for 10 periods at 10% .386 Present value of 1 for 10 periods at 12% .322 Present value of 1 for 20 periods at 5% .377 Present value of 1 for 20 periods at 6% .312 Present value of annuity for 10 periods at 10% 6.145 Present value of annuity for 10 periods at 12% 5.650 Present value of annuity for 20 periods at 5% 12.462 Present value of annuity for 20 periods at 6% 11.470 Instructions (a) Calculate the issue price of the bonds. (b) Without prejudice to your solution in part (a), assume that the issue price was $2,652,000. Prepare the amortization table for 2015, assuming that amortization is recorded on interest payment dates using the effective-interest method.
amy smith is a student who plans to attend approximately four professional events a year at her college. each event
a company has net income of 7480000. it also has 850000 weighted-average common shares outstanding and a price-earnings
cheung company produced 10000 units during the past year but only 8500 of the units were sold. the following additional
the following selected account balances were taken from buckeye companys general ledger at january 1 2005 and december
horace company had the following transactions during 2010 its first year of business. a.issued 5000 shares of 5 par
company uses cost-plus pricing with a 50 mark-up. the company is currently selling 100000 units at 12 per unit. each
internal control procedures are required to safeguard company assets and to ensure ethical operation of the business. 1
Omar acquires used 7-year personal property for $100,000 to use in his business in February 2010. Omar does not elect §179 expensing or additional first-year depreciation, but does take the maximum regular cost recovery deduction. As a result, Oma..
Burden Inc. is considering these two alternatives to finance its construction of a new $2 million plant: (a) Issuance of 200,000 shares of common stock at the market price of $10 per share. (b) Issuance of $2 million, 6% bonds at face value.
Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use a..
At the date of the financial statements, common stock shares issued would exceed common stock shares outstanding as a result of the
a company that produces a single product had a net operating income of 84000 using variable costing and a net operating
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