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Heathrow issues $2,000,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990.
1. Prepare the January 1, 2011, journal entry to record the bonds' issuance.
2(a) For every semiannual period, compute the cash payment.
2(b) For every semiannual period, compute the the straight-line premium amortization.
On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem
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