Financial Accounting Contractual Rate Of Interest Homework Help
- October 12, 2017
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- Category: Accounting QA
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1.How to report Accrued interest for a mortgage loan payable?
2.Following is an amortization table for an issue of three-year bonds on January 1, 2011
Effective | Contractual | Carrying | ||||
Carrying Value at | Interest | Interest | Amortization | Value End | ||
Year | Beginning of Year | Incurred | to be Paid | of Principal | Of Year | |
2011 | $105,154 | $8,412 | $10,000 | $1,588 | $103,566 | |
2012 | $103,566 | $8,285 | $10,000 | $1,715 | $101,851 | |
2013 | $101,851 | $8,148 | $10,000 | $1,852 | $100,000 | |
Total | $24,845 | $30,000 | $5,155 | |||
Required
A. How much were the bonds sold for?
B. What is the stated (contractual) rate of interest?
B. What is the stated (contractual) rate of interest?
D. Record the entries necessary over the life of the bonds for the issuance, retirement and yearly interest accrual.
3.Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.Complete the installment payments schedule for the first 2 yearsPrepare the entries for (1) the loan and (2) the first two installment payments.Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011.
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4. Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount.
Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar.)
a) The issuance of the bonds.
b) The payment of interest and the discount amortization on July 1, 2011, assuming that interest was not accrued on June 30.
c) The accrual of interest and the discount amortization on December 31, 2011.
5.If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
not reclassify the investment, as original classifications are irrevocable.
Reclassify the investment as held to maturity and immediately recognize in net income any unrealized gain or loss on the reclassification date.
Reclassify the investment as held to maturity and treat the fair value as of the date of reclassification as the investment’s amortized cost basis for future amortization.
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