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Complete the amortization schedule

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Question - Vaughn Manufacturing issued $6,360,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Vaughn Manufacturing closes its books annually on December 31.

How do complete the amortization schedule for 4/1/21 and 10/1/21, using the effective-interest method?

What would the adjusting entry for 12/31/21 be?

Reference no: EM132494233

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