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Tudor Company achieved $500,000 of Carr Corporation bonds for $487,706.69 on January 1, 2013. The bonds carry an 11% stated interest rate, pay interest semi-annually on January 1 and July 1, were issued to yield 12% and are due January 1, 2016.

Required:

1) Make an investment interest income and discount amortization schedule by using:

a) Straight-line method.

b) Effective interest method.

2) Make the July 1, 2015 journal entries to record the interest income under both methods.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916340

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