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Bonds Straight line method
:confused:DNA Corporation issued $4,000,000 in 8 percent, 10 year bonds on February 1, 2010 at 115. Semiannual interest payments dates are January 31 and July 31. Use the straight-line method and innore year-end accruals.
1) With regard to the bond issue on February 1, 2010: a) How much cash is received? b) How much is Bonds Payable? c) What is the difference between a and b called and how much is it. I have two more parts, but I have examples to go by this one I'm not sure where to get started. (4,000,000*0.08*10)=3200000 or 32,000.00 but where does the 115 come in at or am I doing this the wrong way. Any help will be appreciated. |
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