Bond amortization schedules on january 1 2013 joshua

Reference no: EM13600210

Bond Amortization Schedules On January 1, 2013, Joshua Jackson Company issued 12%, $100,000 face value bonds for $103,545.91, a price to yield 10%. The bonds mature on December 31. 2014. Interest is paid semiannually on June 30 and December 31.

Required:

a) Prepare a bond interest expense and amortization schedule using the straight-line method.

b) Prepare a bond interest expense and amortization schedule using the effective interest method.

c) Prepare the journal entry to record the issuance of the bond on January 1, 2013.

d) Prepare the journal entries to record the interest payments on June 30, 2013, and December 31, 2013, using both methods.

Reference no: EM13600210

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