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Instructions Campbell, Inc. produces and sells outdoor equipment On July 1, 2011. Campbell issued $30,000,000 of 10 year, 10% bonds at a market (effective interest
Instructions Campbell, Inc. produces and sells outdoor equipment On July 1, 2011. Campbell issued $30,000,000 of 10 year, 10% bonds at a market (effective interest rate of receiving cash of $31,951,110 Interest on the bonds is payable semiannually on December 31 and June 30 The fiscal year of the company is the call Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bond 2. Journalize the entries to record the following." a. The first semiannual interest payment on December 31, 2014, and the amortization of the bond premium using the interest method (Round to the nearest dollar) b. The interese payment on June 30, 2012, and the amortization of the bond premium, using the motorest method (Round to the nearest dollar) 3. Determine the total interest expense for 2014 *Refer to the Chart of Accounts for exact wording of account titles 3 ACCOUNTING EQUATION PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY Final Question 3. Determine the total interest expense for 20Y1. $
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