Since Aylmer is a publicly-traded company, it follows IFRS,

On January 1, 2015, Aylmer issued $300,000 14% 10-year bonds. The bonds were issued for investors to have a yield of 12%. Because of the high interest rate, Aylmer decided to call the bonds on December 31, 2020 at 108. No entries were made in 2020 in respect to this bond.

Based on the following info, determine the carrying value, create the amortization schedule and perform any additional calculations. (add any required journal entries)

NOTE the amount on the trial balance (Bonds Payable Series 1) is your check number for the amortization schedule at December 31, 2020 BEFORE ADJUSTMENTS and 2020 Interest payment.

Trial Balance Info

Trial Balance at December 31, 2019 (DR): 0

Trial Balance at December 31, 2019 (CR): 321,629

Trial Balance at December 31, 2020(DR): 0

Trial Balance at December 31, 2020 (DR): 321,629