I need Accounting help please Check My Work eBook Video Cornerstone Exercise 9-3

Question

I need Accounting help please

Check My Work eBook Video Cornerstone Exercise 9-34 Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $300,000 in 5% bonds (payable on December 31 Required: (payable on December 31, 2023) on December 31, 2013, for $257,363. Interest is paid on June 30 and December 3. The Hide Prepare the amortization table through December 31, 2015, using the effective interest rate method. If an amount box does not require an entry, leave it blank or enter rurd nd your answers to the nearest whole dollar Sicily Corporation Amortization Table Cash Payment (Credit) Interest Expense (Debit) Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance Carrying Value Period Cash Payme At issues 6/30/14 12/31/14 6/30/15 12/31/15 Check My Wo

Explanation / Answer

A B C D E F G Date Cash Payment @2.5%*F Interest expenses at 3.5%*G Discount on Bond Payable C-B Discount on Bond Payable Balance E-D Bond value at par Carrying value of Bond At issue 42637 300000 257363 30-Jun-14 7500 9008 1508 41129 300000 258871 31-Dec-14 7500 9060 1560 39569 300000 260431 30-Jun-15 7500 9115 1615 37954 300000 262046 31-Dec-15 7500 9172 1672 36282 300000 263718 The coloumn F is just for calculation purpose, don’t enter in answer

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