Following is an amortization table for an issue of 3-year bonds on January 1, 20

ID: 2381933 • Letter: F

Question

Following is an amortization table for an issue of 3-year bonds on January 1, 2011:

Effective Contractual Carrying

Carrying Value at Interest Interest to Amortization Value End

Year Beginning of Year Incurred be Paid of Principal of Year___

2011 $105,154 $8,412 $10,000 $1,588 $103,566

2012 $103,566 $8,285 $10,000 $1,715 $101,851

2013 $101,851 $8,148 $10,000 $1,852 $100,000

Total $24,845 $30,000 $5,155

Required:

A. How much were the bonds sold for? _____

B. What is the stated (contractual) rate of interest? _______

C. What is the effective rate of interest? ______

D. Record the entries necessary over the life of the bonds for the

issuance, retirement and yearly interest accrual. You do not need

to record the payment of interest.

(The accounts for the first entry have been entered. Enter the

amounts and record the remaining entries. Start each

opposite the date).

Date Account Title Debit Credit

1/1/11 Cash _______________________

Premium on Bonds Payable___________________

Bonds Payable_____________________________

_____________________________________________________

12/31/11______________________________________________

_____________________________________________________

12/31/12______________________________________________

_____________________________________________________

12/31/13______________________________________________

_____________________________________________________

12/31/13______________________________________________

_____________________________________________________

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