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TVX issued $800,000 of 5 percent, 10-year bonds payable at a price of 9.595 on March 31, 2012. The market interest rate at the date of issuance was 6 percent, and the date bonds pay interest semi-annually.

Requirements:

How much cash did the company receive on the issuance of the bonds payable?

Develop an effective-interest amortization table for the bond discount via the first two interest payments. Use exhibit 11A-1 as a guide, and round amounts to the closest dollar. Journalize the issuance of the bonds on March 30, 2012, and on September 30, 2012, payment of the first semi-annual interest amount and amortization of the bond discount.  Descriptions are not required.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919253

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