Reference no: EM133133241
Question - On January 1, 2021, Crane Ltd. issued $640,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Crane's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Crane redeemed the bonds. A partial bond amortization schedule is presented below.
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Semi-Annual
Interest Period
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Interest
Payment
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Interest
Expense
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Amortization
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Bond
Amortized Cost
|
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Jan. 1, 2021
|
|
|
|
$612,703
|
|
July 1, 2021
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16,000
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$18,381
|
$2,381
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615,084
|
|
Jan. 1, 2022
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16,000
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18,453
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2,453
|
617,537
|
|
July 1, 2022
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16,000
|
18,526
|
2,526
|
620,063
|
|
Jan. 1, 2023
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16,000
|
18,602
|
2,602
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622,665
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Required -
Prepare the journal entry to record the payment of interest on July 1, 2021.
Prepare the journal entry to accrue the interest expense on December 31, 2021.
Prepare the journal entry to record the payment of interest on January 1, 2022.
Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 100 on January 1, 2023.
Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 96.
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