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Complete the amortization schedule through date indicated

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Question - In March 1, 2021, Nap Products issued 7% bonds, dated March 1, with a face amount of $7.5 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. The issue price of the bonds was $7,247,522. Interest is paid semiannually on August 31 and February 28. The fiscal year end December 31.

Required -

1. Complete the amortization schedule through the date indicated.

2. Record the issuance of the bond.

3. Record the first interest payment on August 31, 2021.

4. Record the end of year adjusting entry, if needed, at December 31, 2021.

Reference no: EM133090678

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