Exercise Completing a Bond Amortization Table (Effective Interest Rate Method
MacBride Enterprises sold S200,000 of bonds on January 1, 2020. A portion of the amortization table appears below.
Period |
Cash Payment (Credit) |
Interest Expense (Debit) |
Premium on Bonds Payable (Debit) |
Premium on Bonds Payable Balance |
Carrying Value |
At issue |
S6-457 |
52(16,457 |
|||
06/30/20 |
$9,000 |
$8,465 |
$535 |
5,922 |
205,922 |
12/31/20 |
9,000 |
8,443 |
557 |
5,365 |
205,365 |
06/30/21 |
9,000 |
8,420 |
580 |
4,785 |
204,785 |
12/31/21 |
? |
? |
? |
? |
? |
Required:
4.Determine when the bonds will mature.
Use the following information for Exercises 9-83 and 9-84:
Dandy Candy bought a delivery vehicle for S45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at the end of each month.
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