Financial Accounting Issue Price Question And Answers Homework Help
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1.State whether each of the following statements is true or false.
1. Mortgage bonds and sinking fund bonds are both examples of secured bonds.
2. Unsecured bonds are also known as debenture bonds.
3. The stated rate is the rate investors demand for loaning funds.
4. The face value is the amount of principal the issuing company must pay at the maturity date.
5. The market price of a bond is equal to its maturity value.
Review the types of bonds and the basic terms associated with bonds.
The following terms relate to independent bond issues:
a. 500 bonds; $1,000 face value; 8% stated rate; 5 years; annual interest payments
b. 500 bonds; $1,000 face value; 8% stated rate; 5 years; semiannual interest payments
c. 800 bonds; $1,000 face value; 8% stated rate; 10 years; semiannual interest payments
d. 2,000 bonds; $500 face value; 12% stated rate; 15 years; semiannual interest payments
Assuming the market rate of interest is 10%, calculate the selling price for each bond issue.
3.Youngblood Inc. plans to issue $500,000 face value bonds with a stated interest rate of 8%. They will mature in ten years. Interest will be paid semiannually. At the date of issuance, assume that the market rate is
(b) 6%, and
For each market interest rate, answer the following questions:
1. What is the amount due at maturity?
2. How much cash interest will be paid every six months?
3. At what price will the bond be issued?
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4.In October 1997, Hewlett-Packard issued zero coupon (stated interest rate = zero) bonds with a face value of $1.8 billion, due in 2017, for proceeds of $968 million.
(a) What is the life these bonds?
(b) What is the stated interest rate on these bonds?
(c) Estimate the effective rate of interest on these bonds.
(d) How many bonds did HP issue?
5.Merendo Co. sold $600,000, 9%, 10-year bonds on January 1, 2011. The bonds were dated January 1, and interest is paid on January 1 and July 1.The bonds were sold at 105.
(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2011.
(b) At December 31, 2011, the balance in the Premium on Bonds Payable account is $27,000.Show the balance sheet presentation of accrued interest and the bond liability at December 31, 2011.
(c) On January 1, 2013, when the carrying value of the bonds was $624,000, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid.
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