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anastassius [24]
3 years ago
6

On January 1, 2017, Huber Co. sold 12% bonds with a face value of $2,000,000. The bonds mature in five years, and interest is pa

id semiannually on June 30 and December 31. The bonds were sold for $2,154,500 to yield 10%. Using the effective-interest method of amortization, interest expense for 2017 isOn January 1, 2017, Huber Co. sold 12% bonds with a face value of $2,000,000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2,154,500 to yield 10%. Using the effective-interest method of amortization, interest expense for 2017 is:______
Business
1 answer:
beks73 [17]3 years ago
6 0

Answer:

The interest expense for 2017 is $214,836

Explanation:

Given data from the question;

face value of sold bonds = $2,000,000

Number of years the bond matures = 5 years

Interest paid semiannually of 10%; 5%

Amount later sold = $2,154,500

To yield = 10%

Using effective-interest method of amortization;

Interest expense =  the effective-interest rate × the bond's carrying value for each period

= $2,154,500 × 5%

= $2,154,500 × 0.05

= $107,725

[$2,154,500 - ($120,000 - $107,725)] × 0.05

= $107,111

The interest expense for 2017 = $107,725  + 107,111

= $214,836

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irakobra [83]

Answer:

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2 years ago
Preparing journal entries-outputs Hartley Company has a production process that involves three processes. Units move through the
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Answer:

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The jounal entries for each transaction is given below.

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6 0
3 years ago
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A famous example of Jidoka is his Model G for Toyoda Automatic Loom, invented and patented in 1925 by Sakichi Toyoda (1867–1930). This is one of the many looms invented by this inventor, but perhaps his most famous. This loom could be operated almost unmanned. Jul 31, 2018

Automation is a commonly used term in Lean Manufacturing, widely considered one of the pillars of the Toyota Production System, the other being Just in Time (JIT). The term "Jidoka" is often used to impress others, but the idea behind it is less common outside of Toyota.

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3 0
1 year ago
A T-bill quote sheet has 60-day T-bill quotes with a 4.95 ask and a 4.89 bid. If the bill has a $10,000 face value, an investor
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3 0
3 years ago
Read 2 more answers
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omeli [17]

i just asked my brother , and he goes to business school at bentley university in massachusetts, he said he was in a similar situation he said that reporting it to your supervisors is the best idea.



your welcome!!

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