29 Jun Question acct 212 chapter 14 homework 1 rest questionr are in attached file
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acct 212 chapter 14 homework 1 rest questionr are in attached file
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Problem 14-1A Computing bond price and recording issuance L.O. P1, P2, P3
Stowers Research issues bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $32,000 par value and an annual contract rate of 12%, and they mature in 10 years.
Required:
Consider each of the following three separate situations. (Use Table B.1, Table B.3)
1.
The market rate at the date of issuance is 10%.
(a)
Determine the bonds’ issue price on January 1, 2011. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answer to the nearest dollar amount. Omit the “$” sign in your response.)
(b)
Prepare the journal entry to record their issuance. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response.)
2.
The market rate at the date of issuance is 12%.
(a)
Determine the bonds’ issue price on January 1, 2011. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answer to the nearest dollar amount. Omit the “$” sign in your response.)
Issue price
$ n/r .gif” alt=”incorrect”>
(b)
Prepare the journal entry to record their issuance. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response.)
3.
The market rate at the date of issuance is 14%.
(a)
Determine the bonds’ issue price on January 1, 2011. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answer to the nearest dollar amount. Omit the “$” sign in your response.)
Issue price
$ n/r .gif” alt=”incorrect”>
(b)
Prepare the journal entry to record their issuance. (Round “PV Factors” to 4 decimal places, intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response.)
rev: 03_02_2012
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