Question: CJ Monkey Inc. issued 11% bonds with a face amount of $3.5 million on January 1, 2020 that mature on December 31, 2039. For bonds

CJ Monkey Inc. issued 11% bonds with a face amount of $3.5 million on January 1, 2020 that mature on December 31, 2039. For bonds with similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. CJ uses the effective method to record interest. Use the PV factors from the tables in the book to determine the selling price of the bond. 1. Prepare an amortization table using an excel spreadsheet. Use the same titles as Graphic 14-6 or Graphic 14-9 whichever is appropriate. CJ Monkey wants an amortization table that can be easily used for their next bond issue. Make an amortization table that is generic enough that it can be used for any bond by changing no more than: 1. Face value of the bond 2. Stated rate and market interest rate. 3. PV factors. Please round to nearest whole number 2. Prepare the journal entry to record the bonds issuance by CJ on January 1, 2020. 3. Prepare the journal entry to record interest on June 30, 2020. 4. Prepare the journal entry to record interest on December 31, 2020. 5. Prepare the journal entry to record interest on June 30, 2039. 6. Prepare the journal entries to record the payment of interest and principle on December 31, 2039.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity...

ork. Long-term Liabilites 0 Save On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $50 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for...

this is all thats given Help Save & Exit Submit Check my work On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $52 million, dated January 1. The bonds mature in 2040 (20...

On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $48 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity...

**PLEASE HELP. I AM SO STUCK ON THIS QUESTION!!! THANK YOU! On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $48 million, dated January 1. The bonds mature in 2040 (20...

On January 1, 2021, Instaform, Inc, issued 10% bonds with a face amount of $52 million, dated January 1 . The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity...

Please answer the entire question and keep the formatting the same. On January 1, 2018, Instaform, Inc., issued 10% bonds with a face amount of $53 million, dated January 1. The bonds mature in 2037...

1 On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and...

2 On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and...

On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2035 (20 years). The market yield for bonds of similar risk and maturity...

When is unknown and the sample is of size n 30, there are two methods for computing confidence intervals for . Method 1: Use the Students t distribution with d.f. = n 1. This is the method used in...

Find the capacitance of a system of identical capacitors between points A and B shown in (a) Fig. 3.17a; (b) Fig. 3.17b. C3 C2 (6) (a)

The distribution of assets generated through earnings to stockholders' is called a(n) . (

how to calculate PV(Terminal Value of FCFs in Year 6 and Beyond)" with 2 % growth rate and 20 % intrest rest How to calculate PV of same