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On June 1,2024, Carla Vista Bottle Company sold $2,880,000 in long-term bonds for...

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Accounting

On June 1,2024, Carla Vista Bottle Company sold $2,880,000 in long-term bonds for $2,526,064. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay interest annually on May 31 of each year. The bonds are to be accounted for under the effective-interest method.
Your answer is incorrect.
Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. (Round answers to 0 decimal places, e..25,000.)
Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31,2026.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, eg.25,000.)
Account Titles and Explanation
Debit
Credit
image

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