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Provide the end of the year adjusting entry journal entry

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Question - Mike Company issued $5,000,000 of 8%, 10 year bonds on January 1, 2014, for 4,731,582 dollars. The market or effective interest rate is 9%. Interest is paid annually on each January 1st, and the effective interest method of amortization is to be used. Provide the journal entry to record Issuance of these long term bonds. Provide the end of the year adjusting entry journal entry (December 31, 2014) to record accrued interest expense for this bond, using effective interest method of amortization. And finally provide the journal entry required on Jan. 1, 2015 when the interest is paid.

Reference no: EM132432093

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