2023 E17 5 On January 1 2013 Phantom Company acquires 200 000 of Spiderman Products Inc 9 bonds at | Assignments Online

2023 E17 5 On January 1 2013 Phantom Company acquires 200 000 of Spiderman Products Inc 9 bonds at | Assignments Online

Assignments Online 2023 Business Finance

E17-5 On January 1, 2013, Phantom Company acquires $200,000 of Spiderman Products, Inc. 9% bonds at a price of $185,589 The interest is payable each December 31, and the bonds mature December 31, 2015. The investment will provide Phantom Company a 12% yield. The bonds are classified as held-to-maturity.
 
Note: Due to significant digits and rounding, there may be slight differences in values.
 
 
Instructions
(a) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the
     straight-line method.
 
(b) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the
     effective-interest method.
 
(c) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount
    amortization under the straight-line method.
 
(d) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount
     amortization under the effective-interest method.

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