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Question - SHU Inc. issued a 4-year bond with face value of $400,000 on 1 April, 2010. The annual coupon rate is 10% p.a. Interests are paid semi-annually on 31 March and 30 September. The effective annual interest rate is 12% p.a. Round your calculation to the nearest dollar.
1. Prepare the journal entries on 1 April, 2010 to record the issuance of the bond.
2. Prepare the journal entries on 30 September, 2010 to record the first interest payment.
3. Prepare the journal entries on 31 December 2010, the fiscal year end of 2010.
4. Prepare the journal entries on 31 March 2011 to record the second interest payment.
5. On 31 March 2011, after the second interest payment, SHU. Co. redeemed half of the bond at $220,000. Prepare the journal entries to record the redemption.
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