On January 1, 2021, Splash City issues $430,000 of 8% bonds, due in 15 years, with...
On January 1, 2021, Splash City issues $430,000 of 8% bonds, due
in 15 years, with interest payable semiannually on June 30 and
December 31 each year.
Assuming the market interest rate on the issue date is 9%, the
bonds will issue at $394,979.
I need help completing the first three rows of the amortization table.
Homework Answers
Amortization schedule
| Date | Interest expense | Interest paid | Amortization | Carrying value |
| Jan 1 | 394979 | |||
| June 30 | 394979*4.5% = 17774 | 17200 | 574 | 395553 |
| Dec 31 | 395553*4.5% = 17800 | 17200 | 600 | 396153 |
| June 30 | 396153*4.5% = 17827 | 17200 | 627 | 396780 |
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