problem solution

Project Description:

issued $5,000,000 of 6% debentures on january 1, 2012 and received cash totaling $5,389,724. the bonds pay interest semiannually on june 30 and december 31. the maturity date on these bonds is december 31, 2021. the firm uses the effective-interest method of amortizing discounts and premiums. the bonds were sold to yield an effective-interest rate of 5%
required:
a. prepare, in excel, an amortization table for the effective interest method of amortization through december 31, 2021. using the format below. round to whole dollars. you will most likely need to "fudge" the final amortization amount.
table: date, interest payment, interest expense, amortization, carrying value.
b. record the journal entries needed on january 1, 2012 and june 30 and december 31 of 2015.
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