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Homework answers / question archive / On January 1, 2020, Skysong Inc
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On January 1, 2020, Skysong Inc. sold 14% bonds having a maturity value of $700,000 for $750,469, which provides the bondholders with a 12% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. Prepare a schedule of interest expense and bond amortization for 2020 through 2023. Schedule of Interest Expense and Bond Premium Amortization |
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| Date | Credit Cash |
Debit Interest Expense |
Debit Bonds Payable |
Carrying Amount of Bonds |
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| 1/1/20 | |||||||||
| 1/1/21 | |||||||||
| 1/1/22 | |||||||||
| 1/1/23 | |||||||||
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