Business, 17.07.2020 21:01 ashkids7178

Duval Co. issues four-year bonds with a $117,000 par value on January 1, 2019, at a price of $112,870. The annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. Requried:
Prepare an amortization table for these bonds. Use the straight-line method of interest amortization.

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Answer from: vanessaharlan01

Answer and Explanation:

The preparation of the amortization table is presented below:

Semiannual Discount Unamortized Discount Carrying Value

Period-End amortized

1/1/19 $4,130 $ 112,870

($117,000 - $112,870)

6/30/19 $3,613.75 $113,386.25

($4,130 - $4,130 ÷ 8 years) ($112,870 + $516,25)

12/31/19 $3,097.50 $113,902.50

($3,613 - $4,130 ÷ 8 years) ($112,.870 + $516,25)

6/30/20 $2,581.25 $114,418.75

($3,097.50 - $4,130 ÷ 8 years) ($113,902 + $516.25)

12/31/20 $2,065.00 $114,935.00

($2,581.25 - $4,130 ÷ 8 years)

6/30/21 $1,548.75 $115,451.25

($2,065 - $4,130 ÷ 8 years)

12/31/21 $1,032.50 $115,967.50

($1,548.75 - $4,130 ÷ 8 years)

6/30/22 $516.25 $116,483.75

($1,032.50 - $4,130 ÷ 8 years)

12/31/22 $- $ 117,000.00

($516.25 - $4,130 ÷ 8 years)

The same method is applicable for other time period

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Answer from: Quest

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Duval Co. issues four-year bonds with a $117,000 par value on January 1, 2019, at a price of $112,87...

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