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Prepare the journal entries to record the accrual of

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Cole Corporation issued $400,000, 7%, 20-year bonds on January 1, 2014, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Cole uses the effective-interest method to amortize bond premium or discount.

Prepare the schedule using effective-interest method to amortize bond premium or discount of Cole Corporation.(Round answers to 0 decimal places, e.g. 125.)

Interest
Periods

Interest to
Be Paid

Interest Expense
to Be Recorded

Discount
Amortization

Unamortized
Discount

Bond
Carrying Value

Issue date

$

$

$

$

$

1









2









Prepare the journal entries to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 125.) -Jan. 1, 2014

Prepare the journal entries to record the accrual of interest and the discount amortization on December 31, 2014.(Round answers to 0 decimal places, e.g. 125.)

Prepare the journal entries to record the payment of interest on January 1, 2015. (Round answers to 0 decimal places, e.g. 125.)

Reference no: EM13575932

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