Business, 01.12.2021 03:30 daydallas01
National Orthopedics Co. issued 11% bonds, dated January 1, with a face amount of $700,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by National on January 1, 2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2021. 5. Prepare the appropriate journal entries at maturity on December 31, 2024.
Answers: 3
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Business, 22.06.2019 21:30
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Business, 22.06.2019 22:10
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National Orthopedics Co. issued 11% bonds, dated January 1, with a face amount of $700,000 on Januar...
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