Oceanography faculty have made lab help videos because we’ve…

Oceanography faculty have made lab help videos because we’ve had copious spare time during the past COVID pandemic year (and not because we know what areas of each lab are more challenging / sticky to most students during F2F classes and we want to help our online students succeed as well).  

On January 1, 2020, Oliver Company issued $6 million of 5 ye…

On January 1, 2020, Oliver Company issued $6 million of 5 year bonds at a 7% stated interest rate to be paid semi-annually. Oliver Company issued the bonds for $5,756,649 since the market rate of interest was 8%. What is the carrying value (amortized cost) of the bond  on July 1, 2020 (round to the nearest dollar).

Jack Frost Inc. issues a $951,000, 10% 4 year notes payable…

Jack Frost Inc. issues a $951,000, 10% 4 year notes payable on January 1, 2020. The note will be repaid in four annual installments of $300,000, each payable at the end of the year (i.e. $300,000 at the end of 2020, $300,000 at the end of 2021, $300,000 at the end of 2022, and $300,000 at the end of 2023). What is the amount of interest expense that should be recorded by Jack Frost Inc. in the second year (i.e. on the income statement for the year ended December 31, 2021)?