Reference no: EM132568209
Question - XYZ Company is building a new baseball stadium at a cost of $3,000,000. It received a down payment of $500,000 from local businesses to support the project, and now needs to borrow $2,500,000 to complete the project. It therefore decides to issue $2,500,000 of 9%, 10-year bonds. These bonds were issued on January 1, 2010, and pay interest annually on each January 1, beginning 2011. The bonds yield 6%.
Required -
1. Prepare the journal entry to record the issuance of the bonds on January 1, 2010.
2. Prepare bond amortization schedule up to and including January 1, 2015, using the effective-interest method.
3. Assume that on July 1, 2014, XYZ Company retires a half of the bonds at a cost of $1,000,000. Prepare the journal entry to record this retirement.
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