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Simpson Corporation issued $2,000,000 of 8%, six-year bond dated October 1, 2020. The bonds were issued on October 1, 2020, at 94.875 when the market rate was 10%. Simpson Corporation amortizes discounts & premium by effective interest method. Simpson year end is December 31
Required:
Question 1. Using effective interest method prepare the first two semi-annual interest period with proper headings.
Question 2. Prepare journal entries to record purchase and the first interest payment. On October 1, 2021 after the second interest payment, $500,000 bond was retired at a price of 106.
Question 3. Prepare the journal entry to record retirement of $500,00 bond.
Question 4. How much is the carrying value of the bond after the $500,000 retirement?
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