Reference no: EM132817201
Problem - Amortize Premium by Interest Method - Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,433,150. Interest is payable semi-annually. Shunda's fiscal year begins on January 1. The company uses the interest method.
a. Journalize the entries to record the following:
1. Sale of the bonds.
2. First semi-annual interest payment, including amortization of premium.
3. Second semi-annual interest payment, including amortization of premium.
b. Determine the bond interest expense for the first year.
c. Explain why the company was able to issue the bonds for $32,433,150 rather than for the face amount of $30,000,000.
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