Reference no: EM131257438
Dillard Co. issued $20,000,000 of 5-year, 14% callable bonds on April 1, 2014, at a market rate of 12%. Interest is payable semi-annually on September 30 and March 31.
1. Record the entry for the issuance of the bonds.
2. Record the entries for interest payments and accruals during 2014 and 2015. Dillard Co. uses the effective interest method to amortize bond discount/premium.
3. Record the retirement of $10,000,000 of the bonds at 103 on February 1, 2016.
4. Record the entry for the March 31, 2016 payment of interest.
Problem Check Figures
Chapter 14—Long-term Liabilities
2014 Interest expense 1,929,131
2015 Interest expense 2,548,821
2016 Gain on bond retirement 213,900
2016 Interest expense 422,329 (through March 31, 2016)
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