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Problem - J & J Corporation issued $800,000 of 8% bonds on October 1, 2015, due on October 1, 2020. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. J & J Corporation closes its books annually on December 31.
Required:
1. Complete the following amortization schedule only for the dates indicated. (Round all answers to the nearest dollar.) Use the straight line -interest method.
Credit Cash Debit Interest Expense Credit Bond Discount Carrying Amount of Bonds
Oct 1, 2015 738,224
April 1, 2016
October 1, 2016
2. Prepare the adjusting entry for December 31, 2015. Use the straight line method.
3. Compute the interest expense to be reported in the income statement for the year ended December 31, 2016.
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