Name: __________________________ Test 2 Spring 2011 Acct 3312 |1. |On July 1, 2010, Kirmer Corp. corruptd $450,000 of 5% bonds, interest payable on January 1 and July 1, for $429,182. The bonds | | |mature on January 1, 2016. Amortization is by the effective interest method. (Assume bonds are in stock(predicate) for sale and the | | |effective interest rate at the corrupt date was 6%.) | | | | | |Instructions | | | (a) | | |Prepare the entry for the purchase of the investment. Prepare the amortization | | |table for the years 2010 and 2011.
| | | ! | | | | | | | | |(b) | | |The bonds are dish out on August 1, 2011 for $425,000 plus accrued interest. Prepare | | | totally told entries required to properly record the sale....If you want to get a full essay, order it on our website:
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