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scoray [572]
3 years ago
12

On January​ 1, 2018, Waller Sales issued in bonds for . These are eightyear bonds with a stated rate of ​%, and pay semiannual i

nterest. Waller Sales uses the straightline method to amortize the bond discount. After the second interest payment on December​ 31, 2018, what is the bond carrying​ amount? (Round your intermediate answers to the nearest​ cent, and your final answer to the nearest​ dollar.)
Business
1 answer:
mash [69]3 years ago
5 0

Answer:

Carrying value December 31, 2018 = $24,137.50

Explanation:

the numbers are missing, so I looked for a similar question to fill in the blanks:

  • Waller Sales issued $30,000 in bonds for $23,300. These are eight-year bonds with a stated rate of 11%

The journal entry to record the issuance of the bonds:

January 1, 2018, bonds are issued at a discount:

Dr Cash 23,300

Dr Discount on bonds payable 6,700

    Cr Bonds payable 30,000

discount amortization = $6,700 / 16 coupons = $418.75 per coupon payment

First and second coupon payments:

June 30 (or December 31), 2018, coupon payments

Dr Interest expense 3,718.75

    Cr Cash 3,300

    Cr Discount on bonds payable 418.75

Carrying value June 30, 2018 = $23,300 + $418.75 = $23,718.75

Carrying value December 31, 2018 = $23,300 + $418.75 = $24,137.50

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3 years ago
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<h3>What is a balance of payments?</h3>

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3 years ago
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