Question: 590 Chapter 14 Long-Term Liabilities Problem 14-6B Roney issues $120,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on Straight-line amortization

590 Chapter 14 Long-Term Liabilities Problem 14-6B Roney issues $120,000 of

590 Chapter 14 Long-Term Liabilities Problem 14-6B Roney issues $120,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on Straight-line amortization of June 30 and December 31. They are issued at $99,247, and their market rate is 8% at the issue date. bond discount P1 P2 Required 1. Prepare the January 1, 201 1, journal entry to record the bonds' issuance. Check (2) $128,753 2. Determine the total bond interest expense to be recognized over the life of the bonds. (3) 6/30/2012 carrying 3. Prepare a straight-line amortization table like the one in Exhibit 14.7 for the bonds' first two years. value, $101,323 4. Prepare the journal entries to record the first two interest payments

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