Homework Answers
| Date | General Journal | Debit | Credit |
| Jan 1, 2016 | Cash | 554160 | |
| Discount on bonds payable[ 570000-554160] | 15840 | ||
| Bonds payable | 570000 | ||
| June 30,2016 | Interest expense | 19740 | |
| Discount on bonds payable [ 15840/6] | 2640 | ||
| Cash [ 570000*6%*1/2] | 17100 | ||
| Dec 31,2016 | Interest expense | 19740 | |
| Discount on bonds payable | 2640 | ||
| Cash | 17100 |
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1.
2.
Exercise 14-4 Straight-Line: Amortization of bond discount LO P2 Tano Company issues bonds with a par value of $180,000 on January 1, 2019. The bonds' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $170,862 1. What is the amount of the discount on these bonds at issuance?...
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