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Prepare the amortization table for the first two? years

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Question

On January ?1, 2018?, Varden Incorporated issued $1,590,000 par? value, 3%?, 7?-year bonds? (i.e., there were 1,590 of $1,000 par value bonds in the? issue). Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1.

The issue price of the bonds based on a 4% market rate of interest is $1,493,755. Prepare the amortization table for the first 2? years, assuming Varden uses the? straight-line method.

?(Round each calculation to the nearest whole number and then use the rounded value for each subsequent calculation in the? table.)

Date Cash Interest Straight-Line Interest Discount /Premium Amortization Carrying Value

January 1, 2018

July 1, 2018

January 1, 2019

July 1, 2019

January 1, 2020

Reference no: EM132315604

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