Reference no: EM132635416
Question - Long term Liabilities
(Issuance and Redemption of bonds) Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a down payment of $50,000 from local businesses to support the project, and now needs to borrow $2000,000 to complete the project. It therefore decides to issue $2000,000 of 10.5%, 10-year bonds. These bonds were issued on January 1, 2016 and pay interest annually on each January 1. The bond yield 10%.
Instructions -
a) Record Journal entry to record the issuance of bonds on January 1, 2016.
b) Show bond amortization schedule up to and including January 1, 2020 using the effective interest method.
c) Assume that on July 1, 2019, Venezuela Co. redeems half of the bonds at a cost of $1,065,000plus the accrued interest. Prepare the journal entry to record this redemption.
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