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Question - Halsey Corporation had the following bond transactions during the fiscal year 2019:
On January 1: issued twenty $20,000 bonds at 101. The 5-year bonds are dated January 1, 2019. The contract interest rate is 3%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.
On July 1: Halsey Corporation issued $600,000 of 5%, 10-year bonds. The bonds dated January 1, 2019 were issued at 95, and pay interest on July 1 and January 1. Straight-line amortization method is used.
On October 1: issued 10-year bonds $10,000 face value bonds, for $11,500 cash. The bonds have a stated rate of 4%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.
What would the general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2019 year be?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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