(Answered) 1 suppan company sold 6000000 9 20-year bonds on january 1

Accounting

1. Suppan Company sold $6,000,000, 9%, 20-year bonds on January 1, 2010. The bonds were dated January 1, 2010, and pay interest on January 1 and July 1. Suppan Company uses the straight-line method to amortize bond premium or discount.The bonds were sold at 96.Assume no interest is accrued on June 30.

Instructions

(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2010.

(b) Prepare a bond discount amortization schedule for the first 4 interest periods.

(d) Show the balance sheet presentation of the bond liability at December 31, 2011.

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