29 Jul PROBLEM 10-10AON JANUARY 1, 2014, LOCK
Problem 10-10AOn January 1, 2014, Lock Corporation issued $1,878,000 face value, 6%, 10- year bonds at $1,625,969. This price resulted in an effective-interest rate of 8% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.Prepare the journal entry to record the issuance of the bonds on January 1, 2014. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)amount is entered. Do not indent manually.)amount is entered. Do not indent manually.)amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1Preparea mortization table through December 31, 2016 (three interest periods) for this bond issue. table through December 31, 2016 (three interest periods) for this bond issue. amortization table through December 31, 2016 (three interest periods) for this bond issue. table through December 31, 2016 (three interest periods) for this bond issue. (Round answers to 0 decimal places, e.g. 125.)LOCK CORP.Bond Discount AmortizationEffective-Interest MethodAnnual Interest PaymentsAnnualInterestPeriodsInterestto BePaidInterestExpenseto BeRecordedDiscountAmortizationUnamortizedDiscountBondCarryingValueIssue date$$$$$123Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2014. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DAteAccount Titles and ExplanationDebitCreditDec. 31Prepare the journal entry to record the payment of interest on January 1, 2015. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2015. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DAteAccount Titles and ExplanationDebitCreditDec. 31
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