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Show the journal entry if boomer repurchases the bond

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Question - Boomer Inc. issues a $1,800,000 principal bond on January 1, 2017. The bond has an annual stated rate of 8% and a two-year maturity. Coupon payments are semi-annual (on June 30 and December 31 of each year).

a. Show the journal entry for the June 30, 2017 coupon payment if the annual effective rate is 5%.

b. Using an annual effective rate of 11%, show the journal entry if Boomer repurchases the bond on January 1, 2018 at $95.

Reference no: EM133185789

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