1 answer

SkysongLtd. issued a $953,000, 10-year bond dated January 1, 2020. The bond was sold to yield...

Question:

SkysongLtd. issued a $953,000, 10-year bond dated January 1, 2020. The bond was sold to yield 12% effective interest. The bond paid 10% interest on January 1 and July 1 each year. The company’s year-end was December 31, and Skysong followed IFRS. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the amount received for the bond, and any discount or premium on the bond.

Proceeds from sale of bond $
                                                          DiscountPremium on bond $

Prepare the journal entries for above transactions. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

                                                          January 1, 2020July 1, 2020December 31, 2020January 1, 2021
                                                          January 1, 2020July 1, 2020December 31, 2020January 1, 2021
                                                          January 1, 2020July 1, 2020December 31, 2020January 1, 2021
                                                          January 1, 2020July 1, 2020December 31, 2020January 1, 2021

Answers

Answer 1. Proceeds from sale of bond discount on bond 849,809 103,191 Table Value Based on na Amount Cash Flow Interest - $95journal entries Date Debit credit jan 1 2020 Account Title and Explanation Cash Discount on Issue of Bonds Bonds Payable reco

.

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