SIS
knohe_Please write your solutions to the following two problems on one page of an Excel document.
Problem 1
The Sis Company issued $600,000 of 12% bonds on January 1, 2008. The bonds were sold for $664,190 and they were expected to yield 10% interest compounded semiannually. The actual interest dates are June 30 and December 31. The maturity date of the bonds is December 31, 2012.
- Please prepare the journal entry to record the issuance of the bonds.
- In using the effective-interest method, prepare the journal entries to record the first two interest payments.
Problem 2
In one paragraph, please explain the effect on a bonds selling price which is caused by the stated effective rate.
Remember to submit your solutions to both problems in one Excel document.
10 years ago
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