Wu Company of China sold Y4,000,000, 9%, 20-year bonds on January 1, 2011. The bonds were dated
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Instructions
(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2011.
(b) Prepare a bond discount amortization schedule for the first 4 interest periods.
(c) Prepare the journal entries for interest and the amortization of the discount in 2011 and 2012.
(d) Show the statement of financial position presentation of the bond liability at December 31, 2012.
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Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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