Question: This question is not INCOMPLTE and it's not missing any graphs or data. This is the complete question. Please answer ASAP On March 1, 2020,



This question is not INCOMPLTE and it's not missing any graphs or data. This is the complete question. Please answer ASAP
On March 1, 2020, Quinto Mining Inc. issued a $560,000, 6%, three-year bond. Interest is payable semiannually beginning September 1, 2020.
Required:
Part 1



On March 1, 2020, Quinto Mining Inc. issued a $560,000, 6%, threeyear bond. Interest is payable semiannually beginning September 1, 2020. Required: Part 1 a. Calculate the bond issue price assuming a market interest rate of 5% on the date of issue. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) :| b. Using the effective interest method, prepare an amortization schedule. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all the amounts as positive values.) Mar. 1/20 Sept. 1/20 Mar. 1/21 Sept. 1/21 Mar. 1l22 Sept. 1122 Mar. 1/23 c. Record the entries for the issuance of the bond on March 1, the adjusting entry to accrue bond interest and related amortization on April 30. 2020, Quinto's year-end. and the payment of interest on September 1, 2020. (Do not round intermediate calculations. Round the final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the issuance of bond. Note: Enter debits before credits. Mar 01, 2020 Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
