On January 1, 2015, Morgan Company acquires $300,000 of Nicklaus, Inc., 9% bonds at a price of

Question:

On January 1, 2015, Morgan Company acquires $300,000 of Nicklaus, Inc., 9%

bonds at a price of $278,384. The interest is payable each December 31, and the bonds mature December 31, 2017. The investment will provide Morgan Company a 12% yield. The bonds are classified as held-forcollection.

Instructions

(a) Prepare a 3-year schedule of interest revenue and bond discount amortization. (Round to nearest cent.)

(b) Prepare the journal entry for the interest receipt of December 31, 2016, and the discount amortization.

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