Required information [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date January 1, Year 1 Cash Interest Amortization Balance $ 48,813

Required information [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date January 1, Year 1 Cash Interest Amortization Balance $ 48,813

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 13M

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On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. What is the journal entry to record the issuance of the bonds?
[The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date Cash Interest Amortization Balance 1/1/20x1 $ 52,833 12/31/20x1 $ 5,200 $ 5,019 $ 181 52,652 12/31/20x2 ? ? ? 12/31/20x3 ? ? 217 52,454 ? 12/31/20x4 ? 4,963 ? 52,000 Required: 1. Complete the amortization schedule. Note: Enter all your values in positive. Round your final answers to nearest whole dollar amount. Date 1/1/20x1 12/31/20x1 Cash Interest Amortization Balance $ 52,833 $ 5,200 $ 5,019 $ 181 $ 52,652 12/31/20x2 $ 52,454 12/31/20x3 $ 217 12/31/20x4 4,963 $ 52,000
On January 1, Year 1, Hackman Corporation issued $600,000 face value 6% bonds dated January 1, Year 1, for $621,430. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, Year 5. Hackman uses the straight-line amortization method. Required: Record the issuance of the bonds and the first two interest payments. Record the issuance of the bonds on January 1 and the first two interest payments on June 30 and December 3
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