Patton issues 560000 of 90 four-year bonds dated january 1

Reference no: EM13593196

Patton issues $560,000 of 9.0%, four-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. They are issued at $507,831 and their market rate is 12% at the issue date.

1.Prepare the January 1, 2011, journal entry to record the bonds' issuance.

2.Determine the total bond interest expense to be recognized over the bonds' life.

3.Prepare a straight-line amortization table for the bonds' first two years.

4.Prepare the journal entries to record the first two interest payments.

Reference no: EM13593196

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