The journal entry to record each semiannual interest payment is:
Debit Bond Interest Expense $22,000; credit Cash $22,000.
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What journal entries?</h3>
- A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
- An accounting journal, which shows a company's debit and credit balances, records transactions.
- The journal entry can be made up of multiple records, each of which is either a debit or a credit.
- Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
- For example, a corporation may issue 8%, 15-year bonds with a par value of $550,000 that pay semi-annual interest. The market rate is currently 8%.
- The journal entry for each semiannual interest payment is as follows: Debit Bond Interest Expense $22,000; credit Cash $22,000.
Therefore, the journal entry to record each semiannual interest payment is:
Debit Bond Interest Expense $22,000; credit Cash $22,000.
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Answer: 14.59%
Explanation:
The Internal Rate of Return(IRR) is the discount rate that brings the Net Present Value to zero. It is used to decide the viability of projects. The project is generally considered viable if the Cost of capital is less than the IRR.
You can use Excel to calculate the IRR;
= IRR(-15,800,6,500,7,800,6,300)
From the picture attached you can see that the IRR is 14.59%