On May NorthCo issued $ of bonds, with interest paid semiannually on April and October The bonds were originally dated November and were year bonds. The effective interest rate on the day of issuance was The company uses the effective method to measure interest expense.
Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm ie January would be Jan Please make sure your final answers are accurate to decimal places.
a Calculate the issue proceeds at May
b Prepare the journal entry for May
c Prepare the journal entry for June the fiscal yearend
d Prepare the journal entry for October
e Prepare the journal entry for April
f Calculate the value of the bond on the June balance sheet.
