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Determine the total bond interest expense

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Reference no: EM131700744

Question - Legacy Issues $700,000 of 7.5%, four year bonds dated January 1, 2015 that pay interest semiannually on June 30 and December 31. They are Issued at $643,419 and their market rate is 10% at the issue date.

Required -

1. Prepare the January 1, 2015 journal entry to record the bonds' issuance.

2. Determine the total bond interest expense to be recognized over the bonds' life.

3. Prepare a straight-line amortization table for the bonds' first two years.

Reference no: EM131700744

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