General Question Homework Help

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General Question Homework Help

On January 1- issued ten $1,000 bonds at 102. The 5-year bonds is dated January 1, 2016.

1. On January 1: issued ten $1,000 bonds at 102. The 5-year bonds is dated January 1, 2016. The contract interest rateis 6%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.

3. On July 1: Rayco Corporation issued $500,000 of 10%, 10-year bonds. The bonds dated January 1, 2016 were issued at 88.5, and pay interest on July 1 and January 1. Effective interest rate for these bonds is 12%. Straight-line amortization method is used.

5. On October 1: issued 10-year bonds $10,000 face value bonds, for $10,853 cash. The bonds have a statedrate of 9%, but an effective rate of 6%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.

Prepare all general journal entries for the three bonds issued and any interest accruals and payments for the fiscalyear 2016. (Round all calculations to nearest whole dollar.)

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12 Sep 2017

Due Date: 12 Sep 2017

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