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Make an amortization table for the bonds payable

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Reference no: EM132533149

Mizzle Corporation is authorized to issue P2,000,000 of five-year bonds dated June 30, 2016 with a stated interest rate of 10%. Interest on the bonds is payable semi-annually on June 30 and December 31. The company uses the effective interest method of amortizing the bond premium or discount. The bonds were sold to yield 9%.

Question a. Determine the bond issue price.

Question b. Prepare the journal entry on issue date.

Question c. Make an amortization table for the bonds payable.

Question d. What is the interest expense for 2016 and 2017, respectively?

Question e. Prepare the journal entries for the interest payments in 2017.

Question f. Prepare the journal entries for the amortization of discount/premium in 2017.

Question g. What is the carrying amount of the bonds on December 31, 2017 and 2018, respectively?

Reference no: EM132533149

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