09 May HOW MUCH WOULD THE COMPANY DEBIT OR CREDIT THE REQUIRED JOURNAL ENTRY?
On April 1 2017 Mac Corporation issued $1 200 000 of 15 year 5% bonds when the market rate was 6%. Interest is payable semi-annually on Sept 30 and March 31. The bond discount or premium is amortized using the effective-interest method. The company has a December 31 year end.USE THE FOLLOWING TO CALCULATE PRESENT VALUESPV = C/ [(1 r)^t]PVA ordinary = C* (1-(1 r)^(-t))/r10. How much would the company record as INTEREST EXPENSE on SEPT 30 2017?a. 30 000b. 32 472c. 36 000d. 27 528e. 5432911. What is the issue price of the bonds on APRIL 1ST?a. 1 083 453b. 1 325 582c. 1 082 397d. 588 013e. 1 200 00012. How much would the company record as the PREMIUM/DISCOUNT amortization on DECEMBER 31 2017 using the effective interest rate amortization method?a. 2 546b.16 273c. 15 000d. 1 273e. 2 47213. Assume on January 1 2018 10% of the bonds were retired at 102 per bond (includes accrued interest). How much would the company debit or credit the required journal entry?a. debit 13 786b. credit 120 000c. debit 122 400d. debit 120 000e. credit 122 40014. Assume no bonds were retired how much INTEREST EXPENSE will the company record over the LIFE OF THE BONDS?a. 1 017 603b. 900 000c. 1 080 000d. 1 015 257e. 1 775 660
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