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Problem - Effective Interest Amortization of Premium or Discount - Taylor Company issued $100,000 of 13% bonds on January 1, 2019. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2021.
Required -
1. Assume the company sells the bonds for $102,458.71 to yield 12%. Prepare the journal entries to record:
a. the sale of the bonds
b. each 2019 semiannual interest payment and premium amortization, using the effective interest method
2. Assume the company sells the bonds for $97,616.71 to yield 14%. Prepare the journal entries to record:
b. each 2019 semiannual interest payment and discount amortization, using the effective interest method
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