Reference no: EM13509401
On July 1, 2012, Brower Industries Inc. issued $2,500,000 of 5-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $2,405,781. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.
Journalize the entry to record the amount of cash proceeds from the sale of the bonds. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
***this part i got correct*** but its the next to i'm not understanding where the numbers come from
Journalize the entries to record the following: (For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".)
a.The first semiannual interest payment on December 31, 2012, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)
b.The interest payment on June 30, 2013, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)
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Journalize the entry to record the amount of cash
: The first semiannual interest payment on December 31, 2012, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)
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