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On January 01, 2017, ASU Corporation issued $100,000 face-value bonds, with 6% interest payable at...

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Accounting

On January 01, 2017, ASU Corporation issued $100,000 face-value bonds, with 6% interest payable at the end of year, that are due in 3 years. The current market interest rate for the bonds of the same rating is 8%. (1) Using the tables given, compute the selling price of the bonds as of January 01, 2017.

(2) Complete the following amortization schedule using effective-interest method.

(3) Prepare journal entries on each of the following dates.

a) 01/01/2017

b) 12/31/2017

c) 12/31/2018

d) 12/31/2019

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