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Business, 09.06.2021 06:10 madelynlittle5399
Happy company produces and sells bath equipment. On July 1, 2016, Happy company issued $44,000,000 of 5-year, 10% bonds at a market interest rate of 8%. Interest of the bond pay quarterly on Oct 31, Dec 31, March 31 and June 30. The Fiscal year of the company is the calendar year.
a) Determine the Present Value of the bond payable.
b) Journalize the entry to record the amount cash proceeds from the issuance of the bond on July 1, 2016.
c) Journalize the second quarterly interest payment on Dec 31, 2016 and the amortization/discount of the bond, using the effective interest rate.
d) What is the amount book Bond Payable at the end Dec 31, 2018?
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Happy company produces and sells bath equipment. On July 1, 2016, Happy company issued $44,000,000 o...
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