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Human Software Corp. has successfuly developed a new spreadsheet program. To produce and market the...

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Accounting

Human Software Corp. has successfuly developed a new spreadsheet program. To produce and market the program, the company needs additional financing. On January 1, 2020 Human issued a $500,000, 12%, 5- year bonds. The term provide for a semi-annual payment of interest every January 1 and July 1. The market rate of interest at the time the bonds are sold is 10 percent.

Instruction:

1. Journalize the issuance of the bonds on January 1, 2020.

2. Prepare an amortization table of the bonds.

3. Prepare the journal entries for the payment and/or accrual of interest expense and the amortization of premium/discount in 2020 and 2021.

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