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On December 31, 2020, Leo Inc. issued 8%, 10-year bonds payable with a maturity value of $900,000. Interest will be paid semi-annually on June 30 and December 31. Leo's year-end is December 31. The market interest rate is 10%, and the issue price of the bonds is 88. Leo Inc. amortizes bond by effective interest method.
Required:
Problem 1. Prepare an effective interest method amortization table for the first four semi-annual interest periods.
Problem 2. Record issuance of the bonds on December 31, 2020, the payment of interest and amortization on June 30, 2021, and on December 31, 2021.
Problem 3. Show how Leo Inc. would report the remaining bonds payable on its balance sheet at December 31, 2021.
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