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What carrying value of bonds on december for abc company

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ABC company issued $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 20X4. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. ABC company uses the effective-interest amortization method.

Problem 1: Prepare journal entries to record the following:

a) Interest payment of June 20
b) Interest payment of December 31.

Problem 2: What is the carrying value of the bonds on the December 31, 20X4?

Reference no: EM132752892

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