RECOMMENDED!!On January 1, 2015, Geller Company issued its 8%

  

1. On January 1, 2015, Geller Company issued its 8% bonds in the face amount of $3,000,000, which mature on January 1, 2025. The bonds were issued for $3,441,591 to yield 6%. Geller uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2016, the adjusted unamortized bond premium should beAnswers$_______________2. On July 1, 2016, Scheich Company issued 8% bonds in the face amount of $5,000,000, which mature on July 1, 2022. The bonds were issued for $4,365,416 to yield 11%. Scheich uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2019, the unamortized bond discount should beAnswers$________________3. The Whittier Company issues $100,000, 10% bonds at 104 on April 1, 2016. The bonds are dated January 1, 2016 and mature ten years from that date. Straight-line amortization is used. Interest is paid annually each December 31. Compute the bond carrying value as of December 31, 2022.Answers$_______________4. At December 31, 2017, the following balances existed for Sweeney Corporation:Bonds Payable (10%)$1,500,000Premium on Bonds Payable40,000The bonds mature on 12/31/22. Straight-line amortization is used.If 30% of the bonds are retired at 105 on January 1, 2019, what is the loss on early extinguishment?Answer$_______________