3. On 1/1/21, Your Company issued $250,000 of 6% bonds, dated 1/1/21. The bonds pay interest annually on December 31*. The yiel They mature in three years on 12/31/23. The bonds were issued for $237,115. Be sure to show the date of each journal entry. The 'right' journal entry on the 'wrong' date is wrong. а. Prepare an amortization table b. Prepare the journal entry for 1/1/21 Prepare the journal entry for 12/31/21 с. Amortization table: CV 8% Interest Payment Amortization Discount CV 12/31/20 12/31/21 12/31/22 Journal entries: Debits Credits 1/1/21

3. On 1/1/21, Your Company issued $250,000 of 6% bonds, dated 1/1/21. The bonds pay interest annually on December 31*. The yiel They mature in three years on 12/31/23. The bonds were issued for $237,115. Be sure to show the date of each journal entry. The 'right' journal entry on the 'wrong' date is wrong. а. Prepare an amortization table b. Prepare the journal entry for 1/1/21 Prepare the journal entry for 12/31/21 с. Amortization table: CV 8% Interest Payment Amortization Discount CV 12/31/20 12/31/21 12/31/22 Journal entries: Debits Credits 1/1/21

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. complete the amoritzation table by calculating interest expense, beginning & ending bond carrying amounts at the end of each period, please show work & formulas used.
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An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years. The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?
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D2. Account