Amortization Schedule: Straight-Line
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Spencer company sells 10% bonds having a maturity value of 3,000,000 for 2,783,724. The bonds are dated Jan 1, 2012 and mature Jan 1, 2017. Interest is payable annually on Jan 1.
INSTRUCTION
Set up a schedule of interest expense and discount amortization under the straight line method.
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Solution Summary
In this solution, we make a schedule of interest expense and discount amortization under the strait line method for a given case example.
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** Please see the full solution provided in the attached excel spreadsheet **
Journal entries are recorded as follows.
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