(Learning Objective 2: Issue bonds payable (premium); record interest paymentand the related bond amortization using the effective-interest method) On June 30, 2018,the market interest rate is 9%. Randall Corporation issues $600,000 of 10%, 15-year bondspayable. The bonds pay interest on June 30 and December 31. The company amortizes bondpremium using the effective-interest method.Requirements1. Use the PV function in Excel to calculate the issue price of the bonds.2. Prepare a bond amortization table for the term of the bonds using Excel.3. Record the issuance of bonds payable on June 30, 2018; the payment of interest onDecember 31, 2018; and the payment of interest on June 30, 2019. Question (Learning Objective 2: Issue bonds payable (premium); record interest payment and the related bond amortization using the effective-interest method) On June 30, 2018, the market interest rate is 9%. Randall Corporation issues$600,000 of 10%, 15-year bonds
payable. The bonds pay interest on June 30 and December 31. The company amortizes bond
Requirements
1. Use the PV function in Excel to calculate the issue price of the bonds.
2. Prepare a bond amortization table for the term of the bonds using Excel.
3. Record the issuance of bonds payable on June 30, 2018; the payment of interest on
December 31, 2018; and the payment of interest on June 30, 2019.

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