Problemseymour group issed 4000000 of 15 year 8 stated rate, Ask an Expert

Accounting

Problem:

Seymour Group issed $4,000,000 of 15 year 8% stated rate bonds on July 1, 2014 to yield 10%, which is similar to the current market rate for bonds of similar riskiness. The bonds are semi-annual and the first interest payment is December 31, 2014.

Required:

Question 1: Prepare the journal entry for the bond issuance by Seymour on July 1, 2014.

Question 2: Prepare the December 31, 2014 interest payment journal entry for Seymour using the effective interest method.

Question 3: Provide the balance sheet carrying amount and presentation for the bonds on December 31, 2015 by Seymour.

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164070

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