On January 1, Hutton Corp. issued $400,000 of 15-year, 11% bonds payable for $503,753, yielding an effective interest rate of 8%. Interest is payable semiannually on June 30 and December 31.
A. Show computations to confirm the issue price of $503,753.
B. Record the bond issuance, semiannual interest payment, and premium amortization on June 30, and semiannual interest payment and premium amortization on December 31 in the financial statement effects template. Use the effective interest rate method.

Question

07-06-2024
Business

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On January 1, Hutton Corp. issued $400,000 of 15-year, 11% bonds payable for $503,753, yielding an effective interest rate of 8%. Interest is payable semiannually on June 30 and December 31.
A. Show computations to confirm the issue price of $503,753.
B. Record the bond issuance, semiannual interest payment, and premium amortization on June 30, and semiannual interest payment and premium amortization on December 31 in the financial statement effects template. Use the effective interest rate method.

Sagot :

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