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Prepare the entry for dl company to record the august

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Abscon Investment Banking Ltd. organized a bond issue for the DL Company. The size of the issue was $3,000,000 with a stated interest rate of 8% payable on May 1 and November 1, for each of the next ten years. The bonds were issued on August 1, 2014 with DL Company receiving 109 1/2. DL Company amortizes bond premiums and discounts using the effective-interest method. On the date of issue the market interest rate was 6.7%.

Question 1: Prepare the following journal entries:

a) The entry for DL Company to record the August 1, 2014 issue.

b) The entry on November 1, 2014.

c) The December 31, 2014 adjusting entry.

Reference no: EM132568039

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