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Discuss bonds issued and any interest accruals and payments

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1. January 1, 2016, Brandon Company issued $100,000 of 5 year 9% bonds when the market rate of interest was 10%.  Brandon received $96,149 for the bond issue. The bonds pay interest on July 1 and January 1.

2. January 1,2016  ABC Company issues $100,000 of 5 year  9% bonds to yield $104,100 when the market  rate of interest is  8%.The bonds pay interest on July 1 and January 1.

Requirements- Prepare all general journal entries for the 2 bonds issued and any interest accruals and payments for the fiscal year 2016. What is the carrying amount on the December 31, 2016 Balance Sheet for 1 and 2?

Reference no: EM131774069

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