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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 9, Problem 27CE
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Problem 91PSB
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Problem 94PSB
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Problem 97PSB
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Problem 100C
Problem 101.1C
Problem 101.2C
Problem 102.1C
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Problem 102.3C
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Problem 103.3C
Problem 103.4C
Problem 104.1C
Problem 104.2C
Problem 104.3C
Problem 104.4C
Problem 105.1C
Problem 105.2C
Problem 105.3C
Problem 105.4C
Problem 105.5C
Problem 105.6C
Problem 105.7C
Problem 106.1C
Problem 106.2C
Problem 106.3C
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Cornerstone Exercise 9-27 Debt Issued at a Discount (Straight Line)

Refer to the information for Drew Company above.

Required:

Prepare the amortization table for Drew Company’s bonds. (Note: Round to the nearest dollar.)

Use the following information for Cornerstone Exercises 9-29 and 9-30:

On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31.

To determine

Concept introduction:

Bonds:

Bonds are debt instruments issued by the borrower company to its lenders. Bonds are issued at a specified rate of interest and for a specified time period. The bondholders get a fixed rate of interest on the bonds and repayment of the bonds at the maturity date.

Amortization of Bonds premium or discount:

Bonds may be issued at a premium or discount. The premium or discount on issue of binds is amortized or the life of bonds using the straight line or effective rate methods.

To prepare:

The Amortization table for Bonds.

Explanation

The Amortization table for Bonds is explained as follows:

Drew Company
Amortization Table
Straight line method
Date Bonds Par value Interest Payment Premium amortized Unamortized Premium Interest Expense Bonds Carrying Value
A B = A*7% C = 40000/8 D = D-C E = B-C F = A+D
Jan. 1, 2020 1,300,000 - - 40,000 - 1,340,000
Dec. 31, 2020 1,300,000 91,000 5,000 35,000 86,000 1,335,000
Dec. 31, 2021 1,300,000 91,000 5,000 30,000 86,000 1,330,000
Dec...

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Ch-9 P-1DQCh-9 P-2DQCh-9 P-3DQCh-9 P-4DQCh-9 P-5DQCh-9 P-6DQCh-9 P-7DQCh-9 P-8DQCh-9 P-9DQCh-9 P-10DQ
Ch-9 P-11DQCh-9 P-12DQCh-9 P-13DQCh-9 P-14DQCh-9 P-15DQCh-9 P-16DQCh-9 P-17DQCh-9 P-18DQCh-9 P-19DQCh-9 P-20DQCh-9 P-21DQCh-9 P-22DQCh-9 P-1MCQCh-9 P-2MCQCh-9 P-3MCQCh-9 P-4MCQCh-9 P-5MCQCh-9 P-6MCQCh-9 P-7MCQCh-9 P-8MCQCh-9 P-9MCQCh-9 P-10MCQCh-9 P-11MCQCh-9 P-12MCQCh-9 P-13MCQCh-9 P-14MCQCh-9 P-15MCQCh-9 P-16MCQCh-9 P-17MCQCh-9 P-18MCQCh-9 P-19MCQCh-9 P-20MCQCh-9 P-21MCQCh-9 P-22CECh-9 P-23CECh-9 P-24CECh-9 P-25CECh-9 P-26CECh-9 P-27CECh-9 P-28CECh-9 P-29CECh-9 P-30CECh-9 P-31CECh-9 P-32CECh-9 P-33CECh-9 P-34CECh-9 P-35CECh-9 P-36CECh-9 P-37CECh-9 P-38CECh-9 P-39CECh-9 P-40CECh-9 P-41CECh-9 P-42CECh-9 P-43CECh-9 P-44BECh-9 P-45BECh-9 P-46BECh-9 P-47BECh-9 P-48BECh-9 P-49BECh-9 P-50BECh-9 P-51BECh-9 P-52BECh-9 P-53BECh-9 P-54BECh-9 P-55BECh-9 P-56BECh-9 P-57BECh-9 P-58BECh-9 P-59BECh-9 P-60BECh-9 P-61BECh-9 P-62BECh-9 P-63BECh-9 P-64BECh-9 P-65BECh-9 P-66ECh-9 P-67ECh-9 P-68ECh-9 P-69ECh-9 P-70ECh-9 P-71ECh-9 P-72ECh-9 P-73ECh-9 P-74ECh-9 P-75ECh-9 P-76ECh-9 P-77ECh-9 P-78ECh-9 P-79ECh-9 P-80ECh-9 P-81ECh-9 P-82ECh-9 P-83ECh-9 P-84ECh-9 P-85ECh-9 P-86ECh-9 P-87ECh-9 P-88ECh-9 P-89ECh-9 P-90ECh-9 P-91PSACh-9 P-92PSACh-9 P-93PSACh-9 P-94PSACh-9 P-95PSACh-9 P-96PSACh-9 P-97PSACh-9 P-98PSACh-9 P-99PSACh-9 P-91PSBCh-9 P-92PSBCh-9 P-93PSBCh-9 P-94PSBCh-9 P-95PSBCh-9 P-96PSBCh-9 P-97PSBCh-9 P-98PSBCh-9 P-99PSBCh-9 P-100CCh-9 P-101.1CCh-9 P-101.2CCh-9 P-102.1CCh-9 P-102.2CCh-9 P-102.3CCh-9 P-102.4CCh-9 P-103.1CCh-9 P-103.2CCh-9 P-103.3CCh-9 P-103.4CCh-9 P-104.1CCh-9 P-104.2CCh-9 P-104.3CCh-9 P-104.4CCh-9 P-105.1CCh-9 P-105.2CCh-9 P-105.3CCh-9 P-105.4CCh-9 P-105.5CCh-9 P-105.6CCh-9 P-105.7CCh-9 P-106.1CCh-9 P-106.2CCh-9 P-106.3C

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