Answered: On 1 January 2022, Rodney Inc. provided…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 4EA: On January 1, 2018, Wawatosa Inc. issued 5-year bonds with a face value of $200,000 and a stated...

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On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith’s $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31.

REQUIRED:

1. Provide the following input values from your financial calculator:

N =

I/Y =

PMT =

FV =

2. The note was issued at =

3. The present value of the note is =

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4. Complete the following amortization schedule:
Cash
Received
0
Dates
Jan 1, 2022
Jul 1, 2022 $
Jan 1, 2023
Jul 1, 2023
Jan 1, 2024
11
II
11
Interest
Income
0
$
$
$
$
Amortized
Amount
0
$
$
$
LA
LA
Carrying
Amount
$
$
$

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Follow-up Question

What are the journal entries for rodney inc

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