Question: help me with this please Discount Amortization On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays
Discount Amortization On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays semiannual interest of $105,000 ($3,500,000 x 6% x V2), receiving cash of $3,350,000. Journalize the first interest payment and the amortization of the related bond discount. If an amount box does not require an entry, leave it blank. Cashx 3,350,000 Discount on Bonds Payable 150,000 x Bonds Payable x 3,500,000 Check My Work Bonds Payable is always recordecht face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond
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