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Prepare the journal entries to record the interest payment

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Question - On January 1, 2020, Osborn Inc. sold 12% bonds having a maturity of $800,000 that provides the bondholders with a 10% yield. The bonds are dated January 1, 2020 and mature on January 1, 2025 with interest payable semi-annually on January 1 and July 1 of each year. The company follows IFRS and uses the effective interest method. Round calculations to the nearest dollar.

1. Prepare the journal entries to record the interest payment and the amortization for 2020.

2. Prepare the journal entries to record the interest payment and amortization for 2022.

Reference no: EM132925119

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