Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 19 Aug 2017 My Price 9.00

Lerner Corporation

Ex 12-7 Entries for issuing bonds and amortizing premium by straight-line method ObJ. 2, 3 Lerner Corporation wholesales repair products to equipment manufacturers. On  April  1, 2016, Lerner Corporation issued $12,000,000 of five-year, 8%  bonds  at  a  market  (effec- tive) interest rate of  6%,  receiving  cash  of  $13,023,576.  Interest  is  payable  semiannually on  April  1  and  October  1.  Journalize  the  entries  to  record  the following:

a.     Issuance of bonds on April 1, 2016.

b.     First interest payment on October 1, 2016, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.)

c.     Explain why the company was able to issue the bonds for $13,023,576 rather than for the face amount of $12,000,000.

 

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 09:08 PM My Price 9.00

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