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Prepare the journal entry for December

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Question - On September 1, Year 7, Bob the Builder issues a 10-year bonds with face value of $100,000 at 103. However, the net proceeds from the issuance of bonds is only $102,000 because the company had to pay $1,000 issue costs. Annual rate of 5.5% coupon is paid at March 1 and September 1. The company records its bonds at amortized cost and uses straight-line method for the amortization.

(1) Prepare the amortization schedule up to September 1, Year 8.

(2) Prepare the journal entry for December 31, Year 7 (fiscal year-end). If the journal entry is not required, please say so (instead of leaving it blank).

Reference no: EM132917020

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