Question: bu curriculum corporation issued 900000 of 8 bonds on november...
BU curriculum corporation issued $900,000 of 8% bonds on November 1, 2018, due on November 1, 2023. The interest is to be paid twice a year on Nov. 1 and May 1. The bonds were sold to yield 10% effective annual interest. BU curriculum corporation closes its books annually on December 31.
A. Complete an amortization schedule for the above bond (for all periods) in a similar format as below. (round all answers to nearest dollar.) Use the effective interest method.
|Date||Credit Cash||Debit interest expense||credit bond discount||carrying amount of bonds|
|Nov. 1 2018||use the PV formula in excel|
May. 1 2019