RECOMMENDED!!COMM 211-On April 1, 2017, Mac Corporation issued $1,200,000

  

On April 1, 2017, Mac Corporation issued $1,200,000 of 15 year, 5% bonds when the market rate was 6%. Interest is payable semi-annually on Sept 30 and March 31. The bond discount or premium is amortized using the effective-interest method. The company has a December 31 year end.USE THE FOLLOWING TO CALCULATE PRESENT VALUESPV = C/ [(1+r)^t]PVA ordinary = C* (1-(1+r)^(-t))/r10. How much would the company record as INTEREST EXPENSE on SEPT 30, 2017?a. 30,000b. 32,472c. 36,000d. 27,528e. 5432911. What is the issue price of the bonds on APRIL 1ST?a. 1,083,453b. 1,325,582c. 1,082,397d. 588,013e. 1,200,00012. How much would the company record as the PREMIUM/DISCOUNT amortization on DECEMBER 31, 2017, using the effective interest rate amortization method?a. 2,546b.16,273c. 15,000d. 1,273e. 2,47213. Assume on January 1, 2018, 10% of the bonds were retired at 102 per bond (includes accrued interest). How much would the company debit or credit the required journal entry?a. debit 13,786b. credit 120,000c. debit 122,400d. debit 120,000e. credit 122,40014. Assume no bonds were retired, how much INTEREST EXPENSE will the company record over the LIFE OF THE BONDS?a. 1,017,603b. 900,000c. 1,080,000d. 1,015,257e. 1,775,660

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