Refer to the information in E10-14 and assume Seton Corporation accounts for the bond using the simplified

Question:

Refer to the information in E10-14 and assume Seton accounts for the bond using the simplified effective-interest method shown in chapter supplement 10C.
Required:
1. Prepare the journal entry to record the bond issuance.
2. Prepare the journal entry to record the interest payment on December 31, 2013.
3. Prepare a bond discount amortization schedule for these bonds. Round calculations to the nearest dollar.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...