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Prepare a bond amortization table for the first year

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Reference no: EM131715005

Champ Ltd. is authorized to issue $5000000 of 4%, 10 year bonds payable. On December 31, 2014, when the market interest rate is 5%, the company issues $4000000 of the bonds. Champ Ltd. amortizes bond discount by the effective -interest method. The semiannual interest dates are June 30 and December 31.

1. Use the PV function in excel to calculate the issue price of the bonds

2. Prepare a bond amortization table for the first year of the bonds.

3. Record issuance of bonds payable on December 31, 2014; the first seminnual interest payment on June 30, 2015; and the second payment on December 31. 2015

Reference no: EM131715005

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