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Compute the interest expense to be reported in the income

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Reference no: EM132380930

Question

Blue spruce corp. issued 7,200,000 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. Blue Spruce corp closes its bonds annually on December 31.

A. Prepare the adjusting entry for December 31, 2021. Use the effective Interest Method.

B. Compute the Interest expense to be reported in the income statements for the year ended December 31, 2021.

Reference no: EM132380930

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