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Prepare journal entries to record first two interest payment

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Question - Straight-Line: Amortization of bond discount

Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $507,301 when the market rate is 12%.

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

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

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

4. Record the interest payment and amortization on June 30.

Reference no: EM132608978

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