Business, 24.04.2020 15:45, paula1172

When Patey Pontoons issued 8% bonds on January 1, 2018, with a face amount of $700,000, the market yield for bonds of similar risk and maturity was 9% The bonds mature December 31, 2021 (4 years) Interest is paid semiannually on June 30 and December 3 of $1, PV of S1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factorfs) from the tables provided.) Required: 1. Determine the price of the bonds, at January 1, 2018 2. Prepare the journal entry to record their issuance by Patey on January 1, 2018 3. Prepare an amortization schedule that determines interest at the effective rate each period 4. Prepare the journal entry to record interest on June 30, 2018 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2018? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2018? (Ignore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2021

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When Patey Pontoons issued 8% bonds on January 1, 2018, with a face amount of $700,000, the market y...