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Prepare journal entries to record the first payments

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Question - Dauval Co. issues four-year bounds with a $100,000 par value on June 1, 2015, at a price of $95,948. The annual contract rate is 7%, and interest is paid semiannually on November 30 and May 31.

1. Prepare an amortization table like one in Exhibit 10.7 for the bonds. Use the straight-line method of interest amortizations.

2. Prepare journal entries to record the first tow interest payments and to accrue interest as of December 31, 2015.

Reference no: EM132021483

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