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At t=0, a company issues a 4 year bond payable with a face value (principal) of $10,000. The B/P pays coupons of $1,000 every year for the first 2 years (Year 1 and Year 2); the B/P pays zero coupons for the last 2 years( for Year 3 and Year 4). Assume a discount rate of 10% per year. Calculate to the nearest dollar
Required:
Question a. What interest expense, if any, is reported on Year 3 I/S?
Question b. Suppose the B/P is retired at the end of year 2 for $8,100. Prepare journal entries to record the bonds payable retirement. Assume the coupon for year 2 has been paid. Hint: Don't forget the gain or loss on retirement?
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