Accounting

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P14-03A

 

Heathrow issues $2,900,000 of 9%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,549,590. Required: 1. Prepare the January 1, 2011, journal entry to record the bonds’ issuance. (Omit the “$” sign in your response.) Date General Journal Debit Credit Jan. 1 2(a) For each semiannual period, compute the cash payment. (Omit the “$” sign in your response.) Cash payment $ 2(b) For each semiannual period, compute the the straight-line premium amortization. (Round your answer to the nearest dollar amount. Omit the “$” sign in your response.) Amount of premium amortized $ 2(c) For each semiannual period, compute the the bond interest expense. (Omit the “$” sign in your response.) Bond interest expense $ 3. Determine the total bond interest expense to be recognized over the bonds’ life. (Omit the “$” sign in your response.) Total bond interest expense $ 4. Prepare the first two years of an amortization table using the straight-line method. (Omit the “$” sign in your response.) Semiannual Period-End Unamortized Premium Carrying Value 1/01/2011 $ $ 6/30/2011 12/31/2011 6/30/2012 12/31/2012 5. Prepare the journal entries to record the first two interest payments. (Omit the “$” sign in your response.) Date General Journal Debit Credit June 30 Dec. 31

 

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