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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Shunda Corporation

Ex 12-24   Amortize premium by interest method

Shunda Corporation wholesales parts to appliance manufacturers. On January 1, 2016, Shunda Corporation issued $22,000,000 of five-year, 9% bonds at a market (effective) in- terest rate of 7%, receiving cash of $23,829,684. Interest is payable semiannually. Shunda Corporation’s fiscal year begins on January 1. The company uses the interest method.

a.     Journalize the entries to record the following:

1.    Sale of the bonds.

2.    First semiannual interest payment, including amortization of premium. Round to the nearest dollar.

3.    Second semiannual interest payment, including amortization of premium. Round to the nearest dollar.

b.     Determine the bond interest expense for the first year.

c.     Explain why the company was able to issue the bonds for $23,829,684 rather than for the face amount of $22,000,000.

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 10:08 PM My Price 7.00

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