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On January 1,2013, Noble, Inc. issued 9% bonds in the face amount of $5,000,000, which...

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Accounting

On January 1,2013, Noble, Inc. issued 9% bonds in the face amount of $5,000,000, which mature on July 1,2019. The bonds were issued for $4,695,000 when the market rate was 10.5%, resulting in a bond discount of $305,000. Noble uses the effective-interest method of amortizing bond discount. Interest is payable quarterly. Record the appropriate journal entries and prepare the amortization schedule. Note, the company made all the interest payments 2013. Record the appropriate journal entries.

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