Question: I cannot seem to get the Interest Expense for 2018. I have tried 56,000 and 59748/59749. Also, the Discount on bonds payable amount of 2678



I cannot seem to get the Interest Expense for 2018. I have tried 56,000 and 59748/59749. Also, the Discount on bonds payable amount of 2678 is wrong and I have no idea why. I would appreciate any help with this.
when Patey Pontoons issued 10% bonds on January 1, 2018, with a face amount of $560,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2021 4 years). Interest is pald semlannually on June 30 and December 31. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use approprlate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2018. 2 Prepare the Journal entry to record thelr Issuance by Patey on January 1, 2018 3. Prepare an amortization schedule that determines Interest at the effective rate each period. 4. Prepare the Journal entry to record Interest on June 30, 2018. 5. What Is the amount related to the bonds that Patey will report In Its balance sheet at December 31, 2018? 6. What Is the amount related to the bonds that Patey wll report In Its Income statement for the year ended December 31, 2018 7. Prepare the approprlate Journal entries at maturity on December 31, 2021. (Ignore Income taxes.) Complete this question by entering your answers in the tabs below Req 1 Req 2 Req 3 Req 4 Req 5 and 6 Req 7 Prepare an amortization schedule that determines interest at the effective rate each period. (Round final answers to the nearest whole dollar.) Semiannual Bond Interest Expense Discount Amortization Interest Period-End Cash Interest Carrying Value 01/01/2018 06/30/2018 12/31/2018 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 Total 28,000 $ 28,000 28,000 28,000 28,000 28,000 28,000 28,000 29,825$ 29,924 30,030 30,141 30,259 30,383 30,514 30,678 1,825 1,924 2,030 2,141 2,259 2,383 2,514 2,678 17,754 542,264 544,071 545,995 548,025 550,166 552,425 554,808 557,322 560,000 $ 224,000S 241,754 $
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