Reference no: EM132612095
Question - On January 1, 2016, Knorr Corporation issued $700,000 of 6%, 5-year bonds dated January 1, 2016. The bonds pay interest annually on December 31. The bonds were issued to yield 7%. Bond issue costs associated with the bonds totaled $8,312.46.
Required - Make the journal entries to record the following:
January 1, 2016 - Sold the bonds at an effective rate of 7%.
December 31, 2016 - First interest payment using the effective interest method.
December 31, 2016 - Amortization of bond issue costs using the straight-line method.
December 31, 2017 - Second interest payment using the effective interest method.
December 31, 2017 - Amortization of bond issue costs using the straight-line method.
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