Instructions Polk Incorporated issued $231,000 of 11% bonds on July 1, 2016, for $239,209.53. The...
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Instructions Polk Incorporated issued $231,000 of 11% bonds on July 1, 2016, for $239,209.53. The bonds were dated January 1, 2016, pay interest on each June 30 and December 31, are due December 31, 2020, and were issued to yield 10%. Polk uses the effective interest method of amortization. Required Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31, 2016, and June 30, 2017. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30, 2017
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