Reference no: EM133169895
Question - Hillside issues $2,800,000 of 8%, 15-year bonds dated January 1, 2021, that pay interest semi-annually on June 30 and December 31.
The bonds are issued at a price of $3,427,190.
Required -
1. Prepare the January 1 journal entry to record the bonds' issuance.
2(a) For each semi-annual period, complete the table below to calculate the cash payment.
2(b) For each semi-annual period, complete the table below to calculate the straight-line premium amortization.
2(c) For each semi-annual period, complete the table below to calculate the bond interest expense.
3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.
4. Prepare the first two years of a straight-line amortization table.
5. Prepare the journal entries to record the first two interest payments.
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