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Question - On May 1, 2018, ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on January 1 and July 1, for $1,406,500 plus accrued interest. The bonds mature on January 1, 2024. Amortization is recorded when interest is received by the straight-line method (by months and round to the nearest dollar). (Assume bonds are available for sale.)
Required -
(a) Prepare the entry for May 1, 2018.
(b) Complete the Interest Revenue Received and Bond Amortization Schedule.
(c) The bonds are sold on November 1, 2019 for $1,412,500 plus accrued interest. Prepare all entries required to properly record the sale.
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