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Create the journal entries to record the sale of bonds

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Question - On January 1, 2000, the LST Corporation issued Rs. 5,000,000 of a five-year, 8 percent bond. The semiannual interest payment dates are June 30 and December 31. Because the market rate for similar investments was 9 percent, the bond had to be issued at a discount. The bond was issued at 96.

Required -

a. Create interest and amortization schedule for the first seven interest payment dates.

b. Create the journal entries to record the sale of bonds, and the first two interest payments.

Reference no: EM132559797

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