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Environmental Concerns Limited (ECL) issue $500,000 of 10 year, 6.5% bonds payab

ID: 2366540 • Letter: E

Question

Environmental Concerns Limited (ECL) issue $500,000 of 10 year, 6.5% bonds payable at par value on May 1, 2012. The bonds pay interest each April 30 and October 31, an the company ends its accounting year on December 31. Requirement: 1. Fill in the blanks: a. ECL's bonds are priced at __________. b. When ECL issued its bonds, the market interest rate was __________. 2. Journalize for ECL: a. Issuance of the bonds on May 1, 2012. b. Payment of interest on October 31, 2012. c. Accrual of interest at December 31, 2012. d. Payment of interest on April 30, 2013. Please, if you can, show your multiplication and division steps in parentheses next to your answers. Thanks!

Explanation / Answer

a. ECL

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