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Hambelton Ltd. issued $4,000,000 of 5% bonds payable on 1 September 20X9 to yield 4%. Interest on the bonds is paid semi-annually and is payable each 28 February and 31 August. The bonds were dated 1 March 20X8, and had an original term of five years. The accounting period ends on 31 December. The effective-interest method is used.
Required:
Problem 1. Determine the price at which the bonds were issued.
Problem 2. Prepare a bond amortization table for the life of the bond.
Problem 3. Prepare journal entries to record the issuance of the bonds, payment of interest, and all necessary adjustments through to the end of 20X10.
Problem 4. Calculate the interest expense that would be recorded in each of 20X9 and 20X10.
Problem 5. Show how the bond would be presented on the statement of financial position as of 31 December 20X9 and 20X10.
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