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Prepare journal entries to record effective interest rate

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Question - Gomez issues $340,000 of 6% 15 years bonds dated January 1. 2013, that pays interest semi-annually the interest is paid on June 30 and December 31. They are issued at $298,484 and their market rate is 8% on the open market.

1. Prepare the journal entry for January 1, 2013

2. Prepare the four journal entries to record the effective interest rate for year 2013 and 2014 also the payment interest.

Reference no: EM132074130

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