Question
The following information relate to the death secruities of Kiran company during 2016. A. January 1st the company purchased 8% bond of tampe co. having
The following information relate to the death secruities of Kiran company during 2016. A. January 1st the company purchased 8% bond of tampe co. having a pal value of $240,000 at 99 accrued interest. interest is payable may 1 and November 1.maturity date is 11/1/2017 b.may 1 semi annual intrest is received ann amortization is updated. C.July 1 10% bonds of flagstaff were purchased.The bond had a pal value of $75,000 and were purchase at 101 plus accused interest. interest date are march 1 and September.maturity date are 9/1/2017 D.september 1 semi annual interest is received and amortization updated for the flag staff bond E. Novemeber 1 semi annual interest is received and amortization update for the tempe bond F.December 31 interset is accured and amortization updated for both set of bond.required. prepare journal entries for all date. present journal entries for the tempe bond(a,b,e,f).then journal entries for the flag staff bond(C,D,f). then use straight line amortization.
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