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Calculate the total bond interest expense over

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Reference no: EM13900952

Ripkin Company issues 9%, five year bonds dated January 1, 2013, with a $ 320,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $ 332,988. Their annual market rate is 8% on the issue date. 

Required:

1. Calculate the total bond interest expense over the bonds life. 

2. Prepare a straight  line amortization table like Exhibit 14.11 for the bonds life. 

3. Prepare the journal entries to record the first two interest payments.

Reference no: EM13900952

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