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Determine the total bond interest expense

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Banjo Education Corp. issued a 4%, $150,000 bond that pays interest semiannually each June 30 and December 31. The date of issuance was January 1, 2020. The bonds mature after four years. The market interest rate was 6%. Banjo Education Corp.'s year-end is December 31

Question 1. Calculate the issue price of the bond.

Question 2. general journal entry to record the issuance of the bonds.

Question 3. Determine the total bond interest expense that will be recognized over the life of these bonds.

Question 4. Present the journal entries Banjo would make to record the first two interest payments.

  1. Record the six months' interest and discount amortization on June 30, 2020
  2. Record the six months' interest and discount amortization on Dec 31, 2020

Reference no: EM132490795

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