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Provide journal entry for bond issuance and interest payment

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Reference no: EM132565685

Carrying value of Bonds:- On January 1, 2014 Excellent Company issues 500 bonds with face value of $1,000 each. it has a coupon rate of 9% and pays interest semiannually. Bonds have maturity of 10 years.

Question 1) Provide the journal entry for bond issuance and interest payment under each of the following situation,

a) issue price is $1000

b) issue price is $920

c) issue price is $1120

Question 2) What will be the carrying value of bonds on June 30, 2016 under each of the following situations.,

a) issue price is $1000

b) issue price is $920

c) issue price is $1120

Reference no: EM132565685

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