Question: this is a 3 part Question, with Part 2 having multiple Journal entries at different dates as stated in the question. thanks!!! Required information P10-11


Required information P10-11 (Algo) Recording and Reporting a Bond Issued at a Premium (with Premium Account) LO10-5 [The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $350,000 and a coupon rate of 12 percent. The bonds mature in two years and pay interest quarterly every March 31. June 30, September 30, and December 31 . All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 8 percent. (FV of \$1. PV of \$1, FVA of \$1, and PVA of \$1) Note: Use appropriate factor(s) from the tables provided. 10-11 Part 1 1. Provide the journal entry to record the issuance of the bonds January 1. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount. Required information P10-11 (Algo) Recording and Reporting a Bond Issued at a Premium (with Premium Account) LO10-5 [The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $350,000 and a coupon rate of 12 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30 , and December 31 . All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization methor and also uses a premium account. Assume an annual market rate of interest of 8 percent. (FV of \$1. PVof \$1. FVA of \$1, and PVA of \$1) Note: Use appropriate factor(s) from the tables provided. 10-11 Part 2 2. Provide the journal entry to record the interest payment on March 31, June 30 , September 30 , and December 31 of this year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount. Required information P10-11 (Algo) Recording and Reporting a Bond Issued at a Premium (with Premium Account) LO10-5 The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $350,000 and a coupon rate of 12 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30. September 30 , and December 31 . All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 8 percent. (FV of \$1. PV of S1. EVA of S1, and PVA of \$1) Note: Use appropriate factor(s) from the tables provided. P10-11 Part 3 3. What bonds payable amount will Serotta report on this year's December 31 balance sheet? Note: Round your final answer to nearest whole dollar amount
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