On July 1 , 2 0 2 0 Novak Limited issued bonds with a face value of
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On July Novak Limited issued bonds with a face value of $ due in years, paying interest at a face rate of on January and July each year. The bonds were issued to yield The company's yearend was September The company used the effective interest method of amortization. Click here to view the factor table PRESENT VALUE OF Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF Using factor Tables a financial calculator, or Excel function PV calculate the premium or discount on the bonds. Round factor values to decimal places, eg and final answer to decimal places, eg on bond $ Prepare a partial Bond PremiumDiscount Amortization Schedule for Novak Limited. Only prepare the entries in the schedule for July January and July Round answers to decimal places, egrn Prepare the journal entry to record the issue of the bonds. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to decimal places, egPrepare the yearend accrual entry for Novak Limited at September Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to decimal places, egPrepare the journal entry on January when Novak makes the first payment of interest on the bonds. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg
Related Book For
Government And Not For Profit Accounting Concepts And Practices
ISBN: 9781119803898
9th Edition
Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese
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