Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i am sending this exercise for the third time, ple

I am sending this exercise for the third time, please check what the exercise is...

60.1K

Verified Solution

Question

Accounting

I am sending this exercise for the third time, please check what the exercise is asking, because the first 2 times it came wrong and incomplete. Thanks image
Parknesly Inc. issued bonds with par value of $2,000,000 on January 1st, 2023, maturing on December 31,2030. The bonds were issued with a coupon rate of 8%, to be paid annually @ 12/31, and priced @ 10% yield. 1- Prepare the journal entry to be recorded @ the issuance date of the bond. 2- Prepare an amortization table, assuming the company uses the effective-interest method. Assume that the bonds on exercise "I" above were retired early, on 1/1/2027, when the market yield 9.5% : Required: a. Calculate the reacquisition price and determine if there was a loss, gain, or no impact in the transaction. b. Prepare the journal entry to account for the early retirement of the bonds @ 1/1/2027

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

d E p lc 6 Which of o a E p c b E 7...

Physics
Q

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door...

Accounting
Q

why is serial monogamy the dominant marriage pattern in the United States? Are there any indications...

Psychology
Q

In nature, is total energy always conserved (yes or no)? Why?

Physics
Q

Question 9 Points 1 Which would be an example of a white collar worker A...

Biology
Q

Lero Marks 0 In all other cases A lift is going up with an acceleration...

Physics
Q

Let P U 0 15 and P V 0 44 Events U and V are...

Statistics
Q

A company had average total assets of $2,960,000, total cash flows of $2,100,000, cash flows...

Accounting
Q

please help with the wrong answers! Required information [The following...

Accounting
Q

Sandhill Electronics uses a perpetual inventory system which, at the company's yearend December 31,2023, indicated...

Accounting
Q

please answer D, G and H. Show workings step by step ...

Finance
Q

Gifts For All has projected sales for next year of: Purchases are equal to 58...

Finance