CHAPTER 14 ACCOUNTING TEST

Chapter 14 Accounting test - Business Finance
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Heres 1 question example on the test:1.On January 1, 2019 Maplewood Group issued $20 million of 6\% bonds. Interest is payable semiannually on June 30th and December 31. The bonds were issued at an effective annual rate of 5\% and mature in 10 years.a.Compute this issuance price for these bonds and prepare the journal entry to record their issuance.b.Prepare an amortization table that covers the first four coupon payments made related to these bonds. chapter_14_test.docx Unformatted Attachment Preview Intermediate Accounting II Teachers Note: Had we had the benefit of covering Chapter 14 in person, rather than on-line, I really would have emphasized the benefit of preparing a time-line to help you visualize cash flows related to bonds and similar instruments. There is an example of such a time-line in the middle of page 775 in the text. You may find it useful to prepare such timelines as you work through this test. Also, feel free to round any dollar amounts in this test to the nearest dollar, and any interest rates to two decimal places. 1. On January 1, 2019 Maplewood Group issued $20 million of 6\% bonds. Interest is payable semiannually on June 30th and December 31. The bonds were issued at an effective annual rate of 5\% and mature in 10 years. a. Compute this issuance price for these bonds and prepare the journal entry to record their issuance. b. Prepare an amortization table that covers the first four coupon payments made related to these bonds. 2. On January 1, 2019 Inglewood Corporation purchased a new warehouse facility for $5 million. Inglewood made a 10 down payment and financed the remaining $4.5 million with a 30-year mortgage at 4\% with payments due monthly. a. Compute the amount of Inglewood’s monthly payment b. Prepare the journal entry for the purchase of the warehouse c. Prepare an amortization table that covers the first four monthly payments made on the mortgage. 3. On January 1, 2019 Willows Corporation issued $20 million of 5\% coupon, convertible bonds at 102. The bonds pay interest on June 30 and December 31st and mature in 10 years. Each $1,000 bond is convertible into 25 shares of Willow’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, were currently trading at 99. (that is, 99\% of face value). a. Prepare the journal entry to record the issuance of these bonds. (Assume Willows prepares its financial statements under US GAAP). b. Solve for the effective interest rate on these bonds. (Hint: You know PV, Pmt, FV and N; you can solve for I). You can round this interest rate to 2 decimal places. c. Using the effective rate from b, prepare an amortization table that covers the first four coupon payments related to these bonds. d. On January 1, 2021, immediately after the fourth coupon payment, 10\% of the bondholders elected to convert their bonds to common stock. Prepare the journal entry for this conversion. e. Extra Credit: If Willow’s reported under IFRS instead of US GAAP, prepare the journal entry for the original issuance of these bonds on January 1, 2019, and compute the effective interest rate on the bonds. 4. On January 1, 2019, Legion Memorial Corporation issued $20 million of nonconvertible bonds at 105. The bonds have a 4\% coupon rate and mature in 10 years. Each $1,000 bond was issued with 15 detachable stock warrants, each of which entitled the holder to purchase one share of Legion’s no-par common stock for $25. Immediately after issuance, the separate market value of the warrants was $5. a. Prepare the journal entry for Legion to record the issuance of these bonds. b. Calculate the effective interest rate for the bond component (only) of this financial instrument. (Again, you know PV, Pmt, FV and N; you can solve for I). You can round this interest rate to 2 decimal places. c. Using the effective rate from b., prepare an amortization table that covers the first four coupon payments on this bond. d. On January 1, 2021, assume that holders of 50,000 of the stock warrants elect to exercise these options and buy Legion common stock. Prepare the journal entry for this transaction. 5. Go back to Problem #1. However, now assume that Maplewood incurred $500,000 of debt issuance costs associated with these bonds. a. Revise your journal entry above to record the original issuance of these bonds. b. What is the effective interest rate on these bonds, when considering the debt issuance costs? (One again, you know PV, Pmt, FV and N). Solve for I. 6. On January 1, 2019, Chambers Company issued $200 million of 5\% coupon, 10-year bonds for approximately $185 million. The bonds were issued at an effective annual rate of 6\%. Accordingly, Chambers prepared the following amortization schedule covering the first two coupon payments under these bonds: Date 1/1/19 6/30/19 12/31/19 Interest Expense Interest Paid Discount Amortized $5,553,676 $5,570,286 $5,000,000 $5,000,000 $553,676 $570,286 Carrying Value $185,122,525 $185,676,201 $186,246,487 Chambers elected the option to report these bonds at their fair value in the financial statements. At December 31st, the fair value of the bonds had fallen to $185 million. One million of this decline in value was attributed to an increase in the general level of interest rates, and the remaining was due to a decline in Chambers’ credit rating. a. Prepare the Journal Entry to record the Fair-Value adjustment of these bonds at December 31, 2019. (You don’t need to make the entry for the payment itself on that date) b. Show how these bonds would be reported in Chambers’ balance sheet at December 31, 2019. ... Purchase answer to see full attachment
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