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Goal Ltd. is authorized to issue $1,500,000 of 296, 10-year bonds payable. On December 31...

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Accounting

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Goal Ltd. is authorized to issue $1,500,000 of 296, 10-year bonds payable. On December 31 2016, when the market interest rate is 6%, the company issues $1,200,000 of the bonds. Goal Ltd. amortizes bond discount by the effective-interest method. The semiannual interest dates are June 30 and December 31 Requirements Use the PV function in Excel to calculate the issue price of the bonds Prepare a bond amortization table for the first year of the bonds. Record issuance of bonds payable on December 31, 2016; the first semiannual interest payment on June 30, 2017, and the second payment on December 31, 2017 1. 2. 3

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