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On January 1, 2013, Flight International, Incorporated, issued $300,000 face value, 5-year bonds ...

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On January 1, 2013, Flight International, Incorporated, issued $300,000 face value, 5-year bonds ...

On January 1, 2013, Flight International, Incorporated, issued $300,000 face value, 5-year bonds with a stated rate of 8% at an effective rate of 10% to yield $277,255. Interest is paid annually on December 31. Flight International, Incorporated, uses the effective-interest method of amortization.

Prepare entries for the following transactions:
a. Issuance of the bonds on January 1, 2013.
b. Payment of interest and amortization of discount or premium on December 31, 2013.

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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