E17-5 On January 1, 2013, Phantom Company acquires $200,000 of Spiderman Products, Inc. 9% bonds at a price of $185,589 The interest is payable each December 31, and the bonds mature December 31, 2015. The investment will provide Phantom Company a 12% yield. The bonds are classified as held-to-maturity.
Note: Due to significant digits and rounding, there may be slight differences in values.
(a) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the
(b) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the
(c) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount
amortization under the straight-line method.
(d) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount
amortization under the effective-interest method.
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