Instructions Chart of Accounts Journal Final Question Instructions On July 1. Year 1, Khatri Industries Inc. issued S48.800.000 of 10-year. 5% bonds at a market (effective) interest rate of 7%, receiving cash of 541.864.544. Interest on the bonds is payable semiannualy on December 31 and June 30. The fiscal year of the company is the calendar year. Required 1. Joumalize the entry to record the amount of caah proceeda from the isauance of the bonds 2. Joumalize he entries to record the following a The firat semiannual intereat payment on December 31, Year 1, and the amortization of the bond discount, using the intereat method Round to the nearest dollar. b. The intereat payment on June 30, Year 2, and the amortization of the bond discount, using the intereat method. Round to the nearest dollar. 3. Determine the total intereat expense for Year 1. "Refer to the chart of accounts for the eact wording of the account soles CNOW joumals do not use ines for joumal explanationa Every line on a jourmal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered Final Question 3. Determine the total interest expense for Year 1.$
Instructions Chart of Accounts Journal Final Question Instructions On July 1. Year 1, Khatri Industries Inc. issued S48.800.000 of 10-year. 5% bonds at a market (effective) interest rate of 7%, receiving cash of 541.864.544. Interest on the bonds is payable semiannualy on December 31 and June 30. The fiscal year of the company is the calendar year. Required 1. Joumalize the entry to record the amount of caah proceeda from the isauance of the bonds 2. Joumalize he entries to record the following a The firat semiannual intereat payment on December 31, Year 1, and the amortization of the bond discount, using the intereat method Round to the nearest dollar. b. The intereat payment on June 30, Year 2, and the amortization of the bond discount, using the intereat method. Round to the nearest dollar. 3. Determine the total intereat expense for Year 1. "Refer to the chart of accounts for the eact wording of the account soles CNOW joumals do not use ines for joumal explanationa Every line on a jourmal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered Final Question 3. Determine the total interest expense for Year 1.$
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 13M
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