On january 1 2014 spalding company sold 12 bonds having a

Assignment Help Accounting Basics

Reference no: EM13391267

On January 1, 2014, Spalding Company sold 12% bonds having a maturity value of $1,000,000 for $1,075,814.74 , which provides the bondholders with a 10% yield. The bonds are dated January 1, 2014, and mature January 1, 2019, with interest payable December 31 of each year. Spalding Company allocates interest and unamortized discount or premium on the effectiveinterest basis.

Instructions

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

b) Prepare a schedule of interest expense and bond amortization for 2014-2016.

Reference no: EM13391267

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