Formula Please Bonds - Excel Project Complete your work in Excel using formulas. Situation: BU...
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Formula Please
Bonds - Excel Project Complete your work in Excel using formulas. Situation: BU Curriculum Corporation issued $800,000 of 9% bonds on September 1, 2021, due on September 1, 2026. The interest is to be paid twice a year on March 1 and September 1. The bonds were sold to yield 12% effective annual interest. BU Curriculum Corporation closes its books annually on December 31.
(b) Prepare the journal entries for the following:
1. September 1, 2021 bond issue (the originating entry)
2. Adjusting entry for December 31, 2021 (adjusting entry should cover 4 months)
3. March 1, 2022 entry
4. September 1, 2022 entry
5. Adjusting entry from December 31, 2022
6. March 1, 2023 entry
(c) Compute the interest expense to be reported on the income statement for the year ended December 31, 2021 and December 31, 2022.
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