Reference no: EM132487433
Round Corporation was authorized to issue $300,000 of bonds. On January 1, 2019, the corporation issued $150,000 of bonds for $147,000. Details of the bond indenture
Date of Authorization: Jan 1, 2019
Terms: 3 years
Interest Rate: 12%
Interest Payment dates: Semi-annually on June 30 and Dec 31
Question 1. Calculate: a. The amount of interest paid every interest payment date b. The amount of amortization to be recorded at each interest payment date (use the straight-line method of amortization)
Question 2. Calculate Actual interest expense for each six month period
Question 3. Prepare the journal entries to record the interest and amortization at June 30, 2019
Question 4. Prepare partial balance sheet showing the bond liability and discount on Dec 31, 2019 and 2020 assuming the bonds will be redeemed on Dec 31, 2021
- If the market rate of interest is 15% and the bond interest rate is 10%, the bonds will set at a __________
- If a bonds interest rate is 10% and the market rate of interest is 8%, the bonds will sell at ___________
- In computing the carrying amount of a bond, unamortized ____________________ is subtracted from the face value of a bond
- If a bond sells at a ______________, an amount in excess of the face value of the bond is received on the date of issuance
- If a bond sells at a ____________, an amount less than the face value of the bond is received on the date of issuance.
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