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  3. on may 1,2023, northco issued $1,050,000 of 7% bon

On May 1,2023, NorthCo issued $1,050,000 of 7% bonds, with interest paid semi-annually on April...

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Accounting

On May 1,2023, NorthCo issued $1,050,000 of 7% bonds, with interest paid semi-annually on April 30 and October 31. The bonds were originally dated November 1,2006, and were 20-year bonds. The effective interest rate on the day of issuance was 8%. The company uses the effective method to measure interest expense.
Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places.
(a) Calculate the issue proceeds at May 1,2023.
(b) Prepare the journal entry for May 1,2023.
(c) Prepare the journal entry for June 30,2023(the fiscal year-end).
d) Prepare the journal entry for October 31,2023.
(e) Prepare the journal entry for April 30,2024.
(f) Calculate the value of the bond on the June 30,2023 balance sheet.

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