On June 30, 2016, the market interest rate is 8%. Team Sports Ltd. issues $800,000 of 10%,
Question:
Requirements
1. Use the PV function in Excel to calculate the issue price of the bonds.
2. Using Exhibit 9-7 as a model, prepare a bond amortization table for the term of the bonds.
3. Record the issuance of bonds payable on June 30, 2016; the payment of interest on December 31, 2016; and the payment of interest on June 30, 2017.
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Req 1 Using the PV function in EXCEL the issue price of the bonds is 908723 Req 2 amortization table ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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