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Prepare the amortization required journal entries

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Question - On July 1, 2014, ABC Corp. bought 100,000 of General Company Inc.'s bonds for $250,000 plus brokerage costs of $145. The interest rate on the bonds is 7% per annum, which is equal to the market rate. Interest is paid June 30 and December 31 each year. ABC intends to hold the bonds until they mature on June 30, 2019. At year end, ABC had not yet received the semi-annual interest payment that was due December 31, 2014. The market value of the bonds was $254,500 on December 31, 2014.

Required - Prepare the amortization/interest schedule and the required journal entries for 2014, 2015.

Reference no: EM132020627

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