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13-10-2022
Business

Answered

On June 1, Rola Corporation issues $4,000,000 of 8 percent, 20-year bonds at 97%. Interest is payable semi-annually, On May 31 and November 30. Rola’s fiscal year ends on November 30.
a. Using the straight line method of amortization, prepare journal entries for June 1 and November 30.
b. Using the effective interest method and assuming the same facts as above that the market rate of interest is 8.5%, prepare the journal entry for November 30.

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