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Company issued 5 million 25 year bonds at 5500000 on jan 1

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Company issued $5 million, 25 year bonds at $5,500,000, on Jan 1, 2012. The interest rate or the coupon rate is 8% and interest is paid on 12/31 of every year. Company uses straight line amortization. Do the entries to record the following:

1.Issue of the bonds on 1/1/2012

2.Interest payment on 12/31/2012

3.What is the carrying value or book value of the bonds after the first interest payment

Reference no: EM13581721

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