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Prepare all of the relevant journal entries

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Question - In each of the following independent cases, the company closes its books on December 31.

(a) Blossom Co. sells $ 497,000 of  8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield  12%. Give entries through December 31, 2021.

Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end.

Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.).

(b) Blue Co. sells $ 435,000 of  12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield  8%. On October 1, 2021, Blue buys back $ 130,500 worth of bonds for $ 136,500 (includes accrued interest). Give entries through December 1, 2022.

Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end.

Prepare all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made.)

Reference no: EM133075069

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