Reference no: EM132497466
Question - On July 1, 2017, Callahan Company issued $500,000 of 6%, 3-year bonds at $449,243. This price resulted in a 10% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1 and Callahan has a December 31, year end.
REQUIRED -
a) Record the issue of the bonds on July 1, 2017.
b) Prepare an amortization table through January 1, 2019, (three interest periods) for this bond issue. Make sure to round all calculations to the nearest dollar.
c) Prepare the journal entry for December 31, 2018 (year-end).
d) Calculate the total cost of borrowing over the 10 year life of the bond.
e) Show the balance sheet presentation of the liabilities pertaining to the bonds at December 31, 2018.
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