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Question - Carlyle Corporation had the following bond transactions during the fiscal year 2017:
On January 1: issued ten $10,000 bonds at 101. The 5-year bonds are dated January 1, 2017. The contract interest rate is 5%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.
On July 1: Carlyle Corporation issued $500,000 of 10%, 10-year bonds. The bonds dated January 1, 2017 were issued at 88, and pay interest on July 1 and January 1. Effective interest rate for these bonds is 10%. Straight-line amortization method is used.
On October 1: issued 10-year bonds $10,000 face value bonds, for $10,985 cash. The bonds have a stated rate of 7%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.
Prepare general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2017. (Round all calculations to nearest whole dollar.)
This information is for Campo Corporation for the year ended December 31, 2017. Prepare the 2017 statement of cash flows for Campo Corporation
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