Question
The following amortization table and interest schedule is for the issuance of 10-year old bonds by Capulet Corporation on January 1, 2017 and the subsequent
The following amortization table and interest schedule is for the issuance of 10-year old bonds by Capulet Corporation on January 1, 2017 and the subsequent interest payments and charges. The companys year end is December 31 and it prepares its financial statements yearly.
Amortization Schedule
Year Cash Interest Amount Unamortized Carrying Amount
Jan 1 2017 - - $5,651 $ 94, 349
Dec 31 2017 $11 000 $11 322 5 329 94,671
2018 11 000 11 361 4 968 95 032
2019 11 000 11 404 4 564 95 436
2020 11 000 11 452 4 112 95 888
2021 11 000 11 507 3 605 96 395
2022 11 000 11 567 3 038 96 962
2023 11 000 11 635 2 043 97 597
2024 11 000 11 712 1 691 98 308
2025 11 000 11 797 894 99 106
2026 11 000 11 894 0 100 000
Based on the schedule above, prepare the journal entry(ies) to reflect the bond transactions and accruals for 2017 (Interest is paid on January 1).
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Internal Control And Internal Audit In Non Profit Organizations A Practical Model
Authors: Kamal Bayramov
1st Edition
6203464015, 978-6203464016
