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On 3/1/16, Lawrence Company sold 6% bonds having a maturity value of $300,000 at a price which provides the bondholders with an 8% yield. The
On 3/1/16, Lawrence Company sold 6% bonds having a maturity value of $300,000 at a price which provides the bondholders with an 8% yield. The bonds are dated 3/1/16 and mature 3/1/21 with interest payable semiannually on 3/1 and 9/1 of each year. The bonds are callable at 101 any time after 1/1/17. a. Prepare the amortization table and all journal entries required in 2016. b. On 6/1/18, Lawrence called the bands and retired them. Prepare all journal entries required in 2018
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