Please help me with this assignment in the excel file. Thank you! ATTACHMENT PREVIEW Download attachment CS3- ACCT 3040.xlsx Case/Simulation #3, Acct 3040, Spring 2016 Directions: 1) Reminder: THIS IS A CASE/SIMULATION ASSIGNMENT. DO NOT DISCUSS THIS ASSIGNMENT WITH ANYONE OTHER THAN DR.CHENG!! 2) Ace Corporation’s debt instruments are described on each of the 5 separate "Debt" sheets. You are required to complete all 5 "Debt" sheets AND THEN summarize your analysis in the "Debt Summary" sheet in this workbook. Pay careful attention to the instructions on each sheet. 3) The 12/31/13 balance sheet and the income statement for the year-ended 12/31/13 provided for you on the "Balance Sheets & Income Stmt" sheet are correct in accordance with US GAAP and provide you with check figures for the 12/31/13 carrying value of debt and interest expense for the year ended 12/31/13. This sheet is protected so that you cannot make changes to it. You do not have any requirements on this sheet. 4) You must prepare a complete statement of cash flows for the year-ended 12/31/13 on the Stmt of Cash Flows sheet in this workbook. Instructions and additional information you need are included on this sheet in the workbook. 5) Your Excel file must be submitted through the Assignments function in Blackboard. Assignments submitted in any other way earn a score of zero. 6) This assignment is due by 11:00 pm on Wed. 3/9/16. Zero points for late submissions. 7) Name the project file you submit as follows: LastnameCS3. For example, my file name would be ChengCS3. Name: Enter Your Name Here! Debt 1 Requirement 1: Enter your name in cell B1. ACCOUNTING PERIOD DETAILS: Ace’s fiscal year ends on December 31st every year. Ace prepares accrual adjusting entries semi-annually, on June 30th and Dec. 31st each year. Ace applies US GAAP for all of its debt instruments and does not use the fair value option. CONTRACT DETAILS FOR DEBT 1: Ace Corp. issued bonds with face value of $250,000 on July 1, 2009. These bonds mature on June 30, 2013 and have a stated interest rate of 8%. These bonds require semi-annual coupon payments on Dec. 31 and June 30 each year. Ace received $250,000 as original principal on 7/1/09 when these bonds were issued. Ace paid $8,000 of bond issue costs on 7/1/09 related to these bonds. Requirement 2: Fill in the boxes below for these bonds. Market (effective) interest rate for these bonds on 7/1/09: per period Semi-annual annuity payment amount required: Requirement 3: Prepare the entries that Ace would have prepared for these bonds on the dates below. If no entry is required, state so. Don’t forget to account for bond issue costs. Date 6/30/2013 Account Debit Credit 12/31/2013 Requirement 4: Go to the Debt Summary sheet in this workbook and complete the cells for Debt 1. Debt 2 Enter Your Name Here! ACCOUNTING PERIOD DETAILS: Ace’s fiscal year ends on December 31st every year. Ace prepares accrual adjusting entries semi-annually, on June 30th and Dec. 31st each year. Ace applies US GAAP for all of its debt instruments and does not use the fair value option. CONTRACT DETAILS FOR DEBT 2: Ace Corp. issued bonds with face value of $500,000 on January 1, 2013. These bonds mature on December 31, 2018 and have a stated interest rate of 10%. These bonds require semi-annual coupon payments on June 30 and Dec. 31 each year. The market interest rate for these bonds on 1/1/13 was 8.9%. Ace paid $24,000 of bond issue costs on 1/1/13 related to these bonds. Requirement 1: Fill in the boxes below for these bonds. Face value = Semi-annual annuity payment amount required = Number of periods (n) = Market interest rate per period = Cash proceeds (original principal) borrowed on 1/1/13 = Requirement 2: Prepare the entries that Ace would have prepared for these bonds on the dates below. If no entry is required, state so. Don’t forget to account for bond issue costs. Date 1/1/2013 Account Debit Credit 6/30/2013 12/31/20