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Jump Up Corporation issued five-year, 5% bonds with a face value of $800,000 on January 1, 2011. Interest is paid annually on December 31. The market rate of interest on this date was 4%.
REQUIREMENT:
A. Show work to support the fact that Jump Up Corporation received $835,592 (rounded) on the date the bonds were issued. Provide the journal entry, with effects on the fundamental accounting equation shown, for this issuance on 1/1/11.
B. Using Excel (or an equivalent program), prepare a five-year table similar to page 108 in our course outlines to amortize the premium/discount using the effective interest method. Print out your table. Then also print out the table, but with the formulas you used to compute the table amounts also printed out.
B. What is the total interest expense over the life of the bonds? Total cash interest payment? Total premium/discount amortization? C. Prepare the journal entry, with effects on the fundamental accounting equation shown, to record the interest expense payment for the year-ended D. Show how the balance sheet would report the bond liability and related premium on December 31, 2012.
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