Heathrow Issues $1,100,000 Of 9%, 15-year Bonds Dated January 1, 2011?

Heathrow issues $1,100,000 of 9%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $950,524.
1. Prepare the January 1, 2011, journal entry to record the bonds’ issuance. (Omit the “$” sign in your response.)
Date General Journal Debit Credit
Jan. 1
2(a) For each semiannual period, compute the cash payment. (Omit the “$” sign in your response.)
Cash payment $
2(b) For each semiannual period, compute the the straight-line discount amortization. (Round your answer to the nearest dollar amount. Omit the “$” sign in your response.)
Amount of discount amortization $
2(c) For each semiannual period, compute the bond interest expense. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the “$” sign in your response.)
Bond interest expense $
3. Determine the total bond interest expense to be recognized over the bonds’ life. (Omit the “$” sign in your response.)
Total bond interest expense $
4. Prepare the first two years of an amortization table using the straight-line method. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response. Omit the “$” sign in your response.)
Semiannual Period-End Unamortized Discount Carrying
Value
1/01/2011 $ $
6/30/2011
12/31/2011
6/30/2012
12/31/2012
5. Prepare the journal entries to record the first two interest payments. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the “$” sign in your response.)
Hey guys, really needing help on this question! Please help me out with it! Thanks so much, I appreciate it.

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One Response to “Heathrow Issues $1,100,000 Of 9%, 15-year Bonds Dated January 1, 2011?”

  1. Master says:

    … carry the 1… lol
    I’ll sell you the answer.

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