UOP Acc291 Exercise 10-22

Exercise 10-22Cole Corporation issued $419,000, 6%, 23-year bonds on January 1, 2014, for $332,093. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Cole uses the effective-interest method to amortize bond premium or discount. Don’t show me this message again for the assignment Prepare the schedule using effective-interest method to amortize bond premium or discount of Cole Corporation. (Round answers to 0 decimal places, e.g. 150.)InterestPeriods Interest toBe Paid Interest Expenseto Be Recorded DiscountAmortization UnamortizedDiscount BondCarrying ValueIssue date $ $ $ $ $ 1 2 Don’t show me this message again for the assignmentShow List of AccountsLink to Text Prepare the journal entries to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date Account Titles and Explanation Debit CreditJan. 1, 2014 Don’t show me this message again for the assignmentShow List of AccountsLink to Text Prepare the journal entries to record the accrual of interest and the discount amortization 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.)Date Account Titles and Explanation Debit CreditDec. 31, 2014 Don’t show me this message again for the assignmentShow List of AccountsLink to TextLink to Text Prepare the journal entries 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.)Date Account Titles and Explanation Debit CreditJan. 1, 2015 Don’t show me this message again for the assignmentShow List of AccountsLink to Text Question Attempts: 0 of 3 used