(Answered) Question - wainwright electric sold 2576000 10 10-year

Accounting

Question - Wainwright Electric sold $2,576,000, 10%, 10-year bonds on January 1, 2015. The bonds were dated January 1 and pay interest July 1 and January 1. Wainwright Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 103. Assume no interest is accrued on June 30.

(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2015.

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

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