Physics, 19.07.2020 14:01 mariahrmunoz01
Legacy issues $570,000 of 8.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $508,050 when the market rate is 12%.
1. Determine the total bond interest expense to be recognized.
Total bond interest expense over life of bonds:
Amount repaid:
8 payments of $24,225 $193,800
Par value at maturity 570,000
Total repaid 763,800
Less amount borrowed 645 669
Total bond interest expense $118.131
2. Prepare a straight-line amortization table for the bonds' first two years.
Semiannual Period End Unamortized Discount Carrying Value
01/01/2019
06/30/2019
12/31/2019
06/30/2020
12/31/2020
3. Record the interest payment and amortization on June 30. Note:
Date General Journal Debit Credit
June 30
4. Record the interest payment and amortization on December 31.
Date General Journal Debit Credit
December 31
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