Park Corporation is planning to issue bonds with a face value of $750,000 and a coupon rate of 7.5 percent. The bonds mature in 4 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor (s) from the tables provided. Round your final answer to whole dollars.) Required:
1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of bonds. Note: Enter debits before credits. Date General 3 Debit Credit January 01 Record entry Clear entry View general journal
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Park Corporation is planning to issue bonds with a face value of $750,000 and a coupon rate of 7.5 percent. The bonds mature in 4 years and ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Marques owes 32 more payments on a loan that was originally a $20,000 5-year 6% apr loan with monthly payments. how much is his outstanding principal balance?
Answers (1)
LO 1.2Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Answers (1)
Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year.
Answers (1)
Following are transactions for valdez services, a company owned by brina valdez. a. brina valdez invests $39,350 cash in the company in exchange for common stock. b. the company provided $2,300 of services on credit. c.
Answers (1)
Suppose that flu shots create a positive externality equal to $8 per shot. Further suppose that the government offers a $11-per-shot subsidy to producers.
Answers (1)
New Questions in Business
ALT Inc. conducts periodic reviews of the distribution of pay and the favorable outcomes granted to employees, such as promotions and increased office space.
Answers (1)
If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner's equity amount? A. Decrease of $2,000 B. Decrease of $2,000 C. Increase of $10,000 D. Decrease of $10,000
Answers (1)
You are invited to go to the mall with a new group of friends from school. you don't know them that well, but are excited that they included you in their plans.
Answers (1)
Suppose hypothetically that you buy a lot of food such as tofu, veggie burgers, and organic fruit that are not included in the market basket used to compute the CPI.
Answers (1)
Property taxes on a company's factory building would be classified as a (n) :
Answers (1)