Business, 15.04.2021 23:00, Queenhagar
When Patey Pontoons issued 4% bonds on January 1, , with a face amount of $520,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature December 31, (4 years). Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, . 2. Prepare the journal entry to record their issuance by Patey on January 1, . 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, . 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, ? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, ? (Ignore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, .
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When Patey Pontoons issued 4% bonds on January 1, , with a face amount of $520,000, the market yield...
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