Reference no: EM131521759
Question: On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year.
Required: Assuming the market interest rate on the issue date is 5%, the bonds will issue at $562,311.
1. Complete the first three rows of an amortization table. (Use Illustration, except the dates for the first three rows will be 1/1/12, 12/31/12, and 12/31/13 since interest is payable annually rather than semiannually. Interest expense for the period ended December 31, 2012, is calculated as the carrying value of $562,311 times the market rate of 5%.)
2. Record the bond issue on January 1, 2012, and the first two interest payments on December 31, 2012, and December 31, 2013.
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