(Answered) On january 1 2016 calvert company issues 12 100000 face

Accounting

On January 1. 2016, Calvert Company issues 12%, $100,000 face value bonds for $103,545.91, a price to yield 10%. The bonds mature on December 31, 2017. Interest is paid semiannually on June 30 and December 31.

Required:

1. Prepare a bond interest expense and premium amortization schedule using the straight line method.

2. Prepare bond interest expense and premium amortization schedule using the effective interest method.

3. Prepare the journal entries to the record the interest payments on June 30, 2016, and December 31, 2016, using both methods.

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