Burroughs Corporation (with a December 31 year-end) issued $450,000, 9.5% bonds due in 8 years on May 1, 2013. Interest is paid semi-annually on October 31 and April 30 of each year. On the issuance date, the market rate of interest was 8.5%, resulting in a price of $475,000 for these bonds. The premium/discount is amortized using the straight-line method.

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a) Is this bond issued at a discount or at a premium?:

Prepare the journal entry on May 1, 2013, to issue the bonds. May 1 v b) Prepare the journal entry on October 31, 2013, to record the rst interest payment and the amortization of the premiumldiscount. Oct 31 V c) Prepare the adjusting entry on December 31, 2013. Dec 31 v d) Show the balance sheet presentation of Bonds Payable and related accounts as at December 31, 2013. Bonds Payable $ Unamortized Premium $ Book Value $