Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,000 million on July 1, 2021, at a pric

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Agee Technology Inc Issued 9 Bonds Dated January 1 With A Face Amount Of 1 000 Million On July 1 2021 At A Pric 1 (56.92 KiB) Viewed 26 times

Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,000 million on July 1, 2021, at a price of $990 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semi-annually on June 30 and December 31. Required: Prepare the journal entry to record interest at the effective interest rate at December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2021, if it uses the direct method? Answer is not complete. Complete this question by entering your answers in the tabs below. General Journal Cash Paid Prepare the journal entry to record interest at the effective interest rate at December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) No Date General journal Debit Credit December 31 Interest expense Discount on bonds payable Cash Cash Paid > 1 < General Journal 49.5 4.5 X 45.0
Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,000 million on July 1, 2021, at a price of $990 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semi-annually on June 30 and December 31. Required: Prepare the journal entry to record interest at the effective interest rate at December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2021, if it uses the direct method? Answer is not complete. Complete this question by entering your answers in the tabs below. General Journal Cash Paid What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2021, if it uses the direct method? (List any cash outflows with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) 990.0 $ Cash inflow from financing activities Cash outflow from operating activities $ (45.0) < General Journal Cash Paid