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Prepare the journal entries that vex must make on april

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Reference no: EM132815550

On April 1 2016, Vex Corporation issued $400,000 of 12 percent, 10-year bonds. On that date, the market rate was 14%. Interest is paid on April 1 and October 1. Vex uses the straight-line method of amortization. Assume amortization is recorded with each semiannual interest payment.

Question a) Prepare the journal entries that Vex must make on April 1 2016, September 1, 2016, December 31, 2016, January 1, 2017 (reversing) and April 1 2017.

Question b) Prepare the general Journal Entries using excel. Upload your completed problem through Canvas.

Reference no: EM132815550

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