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On July 1, 2024, Flay Foods issued $108 million of its 11%, bonds for $96...

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Accounting

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On July 1, 2024, Flay Foods issued $108 million of its 11%, bonds for $96 miltion. The bonds were priced to yield 13%. The bonds are dated July 1,2024 , Interest is payable semiannually on Janoary 1 and July 1. Flay records interest at the effective rate. Flay records interest at the effective rate. Required: 1. Construct a bond amortization table for this problem to indicate the interest expense amount and discount amortization for 2024 and 2025 . (Round to the nearest dollar.) (5 points) 2. Propare the necessary journal entries for 2024 and 2025 . (18 points) General Journal

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