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What is the journal entry that Rams Corp should record

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Question - Rams Corp issues 10-year bonds on January 1, 2024 with a face value of $75,000 and an annual stated rate equal to 8%. The bond pays interest semi-annually on June 30 and December 31. The annual market interest rate is equal to 4% on 1/1/2024. The present value of the bond is calculated to be $99,527.15. Rams Corp uses the effective interest rate method to calculate any amortization on the bond payable discount or premium. Use the above information to answer the below questions.

(a) What is the journal entry that Rams Corp should record on January 1, 2024? Write "NONE" if no journal entry should be recorded.

(b) What is the journal entry that Rams Corp should record on June 30, 2024? Write "NONE" if no journal entry should be recorded.

(c) What is the journal entry that Rams Corp should record on December 31. 2024? Write "NONE" if no journal entry should be recorded.

Reference no: EM133133985

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