Business, 18.04.2020 04:34 tyeni2crazylolp7a3hk

Polk Incorporated issued $200,000 of 13% bonds on July 1, 2016, for $206,801.60. The bonds were dated January 1, 2016, pay interest on each June 30 and December 31, are due December 31, 2020, and were issued to yield 12%. Polk uses the effective interest method of amortization. Required:1. Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31, 2016, and June 30, 2017. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30, 2017.

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Polk Incorporated issued $200,000 of 13% bonds on July 1, 2016, for $206,801.60. The bonds were date...