Kieso Inc. has issued two types of debt on January 1, 2020, the start of...
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Kieso Inc. has issued two types of debt on January 1, 2020, the start of the companys fiscal year (January to December)
1. $60 Million par of 10 year, zero-coupon bonds at a price to yield 12% per year. MKT RATE IS 0 BECAUSE ITS A 0 COUPON BOND
2. $30 million, 10-year, 10% unsecured bonds, interest payable semi-annually, on July 1 and January 1, to yield 12%. Instructions:1.Prepare Bond Amortization Schedules for both bonds using Straight-line and Effective Interest Method.
Prepare Journal entries for both bonds for 2020, 2021, and 2022 using Effective Interest Method of amortization. Journal entries are to be made on December 31 for Bonds # 1 and for Bonds #2, on July 1, December 31, and January 1.
ONLY NEED THE JOURNAL ENTRIES DONE THANKS
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