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Prepare amortization table using effective-interest method

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Question - Lasso Green Ltd. is incorporated in Alberta and specializes in carbon sequestration (to reduce greenhouse gases in the atmosphere). To acquire a piece of land in central Alberta where carbon would be sequestered, the company issued $300,000, 5% bonds on January 1, 2014, to yield 4% per year. The bonds would be outstanding for 8 years from the issuance date, and pay interest semi-annually on July 1 and January 1.

Required -

1. How much was raised by Lasso Green from the bond issue?

2. Prepare an amortization table using the effective-interest method of amortization. Complete the first five payments only.

3. Prepare journal entries for 2014 and 2015, using the effective-interest method. Lasso Green has a December 31 fiscal year-end.

4. Prepare journal entries for 2014, using the effective-interest method. Assume Lasso Green has an October 31 fiscal year-end.

Reference no: EM133043591

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