Reference no: EM132001016
Question - XYZ Company is building a new baseball stadium at a cost of $3,000,000. It received a down payment of $500,000 from local businesses to support the project, and now needs to borrow $2,500,000 to complete the project. It therefore decides to issue $2,500,000 of 9%, 10-year bonds. These bonds were issued on January 1, 2010, and pay interest annually on each January 1, beginning 2011. The bonds yield 6%.
a) What is the journal entry to record the issuance of the bonds on January 1, 2010?
b) What is the bond amortization schedule up to and including January 1, 2015, using the effective-interest method?
c) Assume that on July 1, 2014, XYZ Company retires a half of the bonds at a cost of $1,000,000. What is the journal entry to record this retirement?
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