Tin corp issued 100 five-year bonds on july 1 2015 the, Financial Accounting

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Tin corp issued 100 five-year bonds on july 1 2015 the

Tin Corp. issued 100 five-year bonds on July 1, 2015. The interest payments are due semiannually (Jan 1 and July 1) at an annual rate of 8 percent. The effective interest rate on the bonds is 6 percent. The face value of each bond is $1,000.

A. Prepare the journal entry that would be recorded on July 1, 2015, when the bonds are issued.

B. Prepare the journal entry that would be recorded on December 31, 2015.

C. Compute the balance sheet value of the bond liability of December 31, 2015

D. What is the present value of the bond’s remaining cash flows as of December 31, 2015 using the effective interest rate?

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Financial Accounting: Tin corp issued 100 five-year bonds on july 1 2015 the

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Financial Accounting: Tin corp issued 100 five-year bonds on july 1 2015 the

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