Golf World decided to retire the bonds early on January 1, 2020, at 105. Prepare the necessary journal entries to record this early retirement.

Golf World, Inc., issued $320,000 par value 9% five-year bonds dated January 1,

2018 that will pay interest semiannually on June 30 and December 31. These bonds were issued

Don't use plagiarized sources. Get Your Custom Essay on
Golf World decided to retire the bonds early on January 1, 2020, at 105. Prepare the necessary journal entries to record this early retirement.
Just from $8 /Page 0r 300 words
Order Now

at $332,989. The annual market rate is 8% on the issue date.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

How can complete for 4 and 5 requirement information from above: Please including formulas and calculation.

4.   Golf World decided to retire the bonds early on January 1, 2020, at 105. Prepare the necessary journal entries to record this early retirement.

5.   Prove your numbers provided in the problem are correct by showing the table values you would have used to calculate this manually. This is how you will “show your work,” proving the Excel formulas were used correctly.

 

GOLF WORLD FIVE-YEAR BOND DATE Beginning
Carrying
Value
Cash
Interest
Interest
Expense
Amortize Now Unamortized Premium Ending
Carrying Value
Bond face value              320,000 2018 Jan 1
Years 5 June 30
Contract rate 9% Dec 31
Market rate 8% 2019 June 30
dollar values table values PV . Dec 31
PRINCIPAL 2020 June 30
INTEREST Dec 31
n = 10                  – 2021 June 30
i = 4% Dec 31
2022 June 30
Dec 31
ADD EXCEL TOOLS REQUIREMENTS HERE
PV

Looking for a similar assignment? Get help from our qualified experts!

Order Now