On january 1 2012 osborn company sold 12 bonds having a

Reference no: EM13582653

On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79 which provides the bondholders with a 10% yield. The bonds are dated January 1, 2012, and mature January 1, 2017, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount or premium on the effective interest basis.

(a)Prepare the journal entry at the date of the bond issuance

(b)Prepare a schedule of interest expense and bond amortization for 2012-2014.

(c)Prepare the journal entry to record the interest payment and the amortization for 2012.

(d)Prepare the journal entry to record the interest payment and the amortization for 2014.

Reference no: EM13582653

Questions Cloud

Albertville inc produces leather handbags the production : albertville inc produces leather handbags. the production budget for the next four months is july 5000 units august

Suppose you were preparing a two-way table of percentages : suppose you were preparing a two-way table of percentages for the following pairs of variables. how woul dyou run the

Design a chart of accounts for s dilley amp company explain : ollie mace has recently been appointed controller of s. dilley amp company a family-owned manufacturing firm founded 28

On january 1 of year 1 drum line airways issued 3400000 of : on january 1 of year 1 drum line airways issued 3400000 of par value bonds for 3100000. the bonds pay interest

On january 1 2012 osborn company sold 12 bonds having a : on january 1 2012 osborn company sold 12 bonds having a maturity value of 800000 for 860651.79 which provides the

On january 1 a company issued and sold a 405000 5 10-year : on january 1 a company issued and sold a 405000 5 10-year bond payable and received proceeds of 400000. interest is

Purchases land having a fair market value of 300000 by : on january 1 2013 mclean company makes the two following acquisitions.purchases land having a fair market value of

A company has bonds outstanding with a par value of 100000 : a company has bonds outstanding with a par value of 100000. the unamortized discount on these bonds is 4500. the

Explain role of cost measurement in maintaining the : explain role of cost measurement in maintaining the operating and capital budgets via variance

User Account

All Pages