Accounting

On January 1, 2014, Lock Corporation issued $1,878,000 face value, 6%, 10- year bonds at $1,625,969 This price resulted in an effective-interest rate of 8% on the bonds Lock uses the effective-interest method to amortize bond premium or discount The bonds pay annual interest January 1

 

Prepare the journal entry to record the issuance of the bonds on January 1, 2014 (Round answers to 0 decimal places, eg 125 Credit account titles are automatically indented when amount is entered Do not indent manually)amount is entered Do not indent manually)amount is entered Do not indent manually)amount is entered Do not indent manually)

 

Date

Account Titles and Explanation

Debit

Credit

Jan 1

 

 

 

 

 

 

 

 

Preparea mortization table through December 31, 2016 (three interest periods) for this bond issue table through December 31, 2016 (three interest periods) for this bond issue amortization table through December 31, 2016 (three interest periods) for this bond issue table through December 31, 2016 (three interest periods) for this bond issue (Round answers to 0 decimal places, eg 125)

 

LOCK CORP

Bond Discount Amortization

Effective-Interest Method—Annual Interest Payments

 

Annual

Interest

Periods

 

Interest

to Be

Paid

Interest

Expense

to Be

Recorded

 

 

Discount

Amortization

 

 

Unamortized

Discount

 

Bond

Carrying

Value

Issue date$

$

$

$

$

1

 

 

 

 

2

 

 

 

 

3

 

 

 

 

 

Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2014 (Round answers to 0 decimal places, eg 125 Credit account titles are automatically indented when amount is entered Do not indent manually)

 

DAte

Account Titles and Explanation

Debit

Credit

Dec 31

 

 

 

 

 

 

 

 

 

Prepare the journal entry to record the payment of interest on January 1, 2015 (Round answers to 0 decimal places, eg 125 Credit account titles are automatically indented when amount is entered Do not indent manually)

 

Date

Account Titles and Explanation

Debit

Credit

Jan 1

 

 

 

 

 

 

Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2015 (Round answers to 0 decimal places, eg 125 Credit account titles are automatically indented when amount is entered Do not indent manually)

 

DAte

Account Titles and Explanation

Debit

Credit

Dec 31

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