Polk Incorporated issued $200,000 of 13% bonds on July 1, 2019, for $206,801.60. The bonds were dated
Question:
Polk Incorporated issued $200,000 of 13% bonds on July 1, 2019, for $206,801.60. The bonds were dated January 1, 2019, pay interest on each June 30 and December 31, are due December 31, 2023, and were issued to yield 12%. Polk uses the effective interest method of amortization.
Required:
Prepare the journal entries to record the issue of the bonds on July 1, 2019, and the interest payments on December 31, 2019, and June 30, 2020. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30, 2020.
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2019 July 1 Cash 20680160 Premium on Bonds Payable 680160 Bonds Payab...View the full answer
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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