Hi can you please explain the steps I am having trouble with these problems thanks!
1)Sielert Corporation borrowed $600,000 from National Bank on May 31, 2011. The three year, 7% note required annual payments of $228,630 beginning May 31, 2012. Interest expense for the year ended December 31, 2011 was?
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$0. |
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$24,500. |
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$28,000. |
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$42,000.
Downs Company issued $800,000 of 8%, 5 year bonds at 106, which pays interest annually. Assuming straight line amortization, what is the total interest cost of the bonds?
Winrow Company received proceeds of $377,000 on 10 year, 8% bonds issued on January 1, 2011. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 101. Winrow uses the straight line method of amortization. What is the carrying value of the bonds on January 1, 2013?
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