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Give general journal entries to record the sale of the bonds

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Question - On 1-1-2015 Avion, Inc. Sold Bonds with these particulars:

Face amt. of Bonds 450,000

Matures on 1-1-2025, in 10 yrs.

Stated annual rate of int. 7.25%

Effective annual rate of interest 6.00%

Int. is paid every six months; 6-30, 12-31

1. Assume the effective Interest Method in accounting for these Bonds, build a 10 year amortization table.

2. Give General Journal entries to record the sale of the bonds, and the 1st 4 interest payments.

Reference no: EM132060086

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