(Solution) - Pennington Corporation issued five year 8 6 percent bonds with a total -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

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Pennington Corporation issued five-year, 8.6 percent bonds with a total face value of $700,000 on December 31, 2012, for $680,000. The bonds pay interest on June 30 and December 31 of each year.

Required:
1. Prepare an amortization table.
2. Prepare the entries to recognize the bond issuance and the interest payments made on June 30, 2013, and December 31, 2013.