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Journal entries to record the issuance of the bonds

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On January 1, 2009, the Baker Corporation issued $100,000 of five year bonds due December 31, 2013, for $103,604.79 less bond issue costs of $3,000. The bonds carry a face rate of interest of 13% payable annually on December 31 and were issued to yield 12%. The company uses the effective interest method of amortization.

Required:
Prepare the journal entries to record the issuance of the bonds, all the interest payments, premium amortizations, bond issue cost amortizations, and the repayment of the bonds.

Reference no: EM13871261

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