# Accounting for Notes Issues at a Premium The Longo Corporation issued.pdf

Accounting for Notes Issues at a Premium The Longo Corporation issued \$3 million maturity value of 8 percent coupon rate notes, with interest paid semiannually. At the time of the note issuance, equivalent risk-rated debt instruments carried a yield rate of 6 percent. The notes matured in 5 years. Calculate the proceeds that the Longo Corporation would receive from the sale of the notes. Round your answer to the nearest dollar. \$ How will the notes be reported on Longo's balance sheet immediately following the sale? Round your answers to the nearest dollar. Calculate the interest expense on the notes for the first year. Round answers to the nearest dollar. Calculate the book value of the notes at the end of the first year. Round answer to the nearest dollar..

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### Accounting for Notes Issues at a Premium The Longo Corporation issued.pdf

• 1. Accounting for Notes Issues at a Premium The Longo Corporation issued \$3 million maturity value of 8 percent coupon rate notes, with interest paid semiannually. At the time of the note issuance, equivalent risk-rated debt instruments carried a yield rate of 6 percent. The notes matured in 5 years. Calculate the proceeds that the Longo Corporation would receive from the sale of the notes. Round your answer to the nearest dollar. \$ How will the notes be reported on Longo's balance sheet immediately following the sale? Round your answers to the nearest dollar. Calculate the interest expense on the notes for the first year. Round answers to the nearest dollar. Calculate the book value of the notes at the end of the first year. Round answer to the nearest dollar.
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