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On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at ...

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On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at ...

On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at an effective rate of 4% which brought in $1,044,913. Interest is paid semi-annually on July 1 and December 31. JetNew 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 July 1, 2013.

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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