Reference no: EM132462218
Indigo Limited issued $4,000,000 of 11% bonds on September 1, 2020, for $4,704,050. The term of the bonds is September 1, 2020, to September 1, 2028, with interest payable quarterly each December 1, March 1, June 1, and September 1. The company uses the effective interest method with an effective rate of 8%
Question 1: Prepare the company's journal entry for the September 1 issuance.
Question 2: Prepare the company's journal entry for the December 1 interest payment.
Splish Brothers Inc. issued $770,000 of 10.40%, 19-year bonds on January 1, 2020, at 103. Interest is payable semi-annually on July 1 and January 1. Splish Brothers Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 10.00%. (With a market rate of 10.00%, the issue price would be slightly higher. For simplicity, ignore this.)
Question 1: Prepare the journal entry to record the issuance of the bonds.
Question 2: Prepare the journal entry to record the payment of interest and the related amortization on July 1, 2020
Question 3: Prepare the journal entry to record the accrual of interest and the related amortization on December 31, 2020.
Riverbed Limited issued $366,000 of 8% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at 98. Riverbed Limited follows ASPE and records the amortization using the straight-line method.
Question 1: Prepare the journal entry related to the bonds for January 1
Question 2: Prepare the journal entry related to the bonds for July 1
Question 3: Prepare the company's journal entry for December 31.
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