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On January 1, 2010, Potter Corporation issued $800,000, 9%, 5-year bonds for $769,112. The bonds were sold to yield an effective-interest rate of 10%. Interest is paid semiannually on June 30 and December 31. The company uses the effective-interest method of amortization.
Instructions:
(a) Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
(b) Prepare the journal entries that Potter Corporation would make on January 1, June 30, and December 31, 2010, related to the bond issue.
Given the following data, manke, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.
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In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
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