Duval Co. issues four-year bonds with a $117,000 par value on January 1, 2019, at a price of $112,870. The annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. Requried:
Prepare an amortization table for these bonds. Use the straight-line method of interest amortization.

Answer and Explanation:

The preparation of the amortization table is presented below:

Semiannual     Discount  Unamortized Discount      Carrying Value

Period-End    amortized

1/1/19                                    $4,130                                    $ 112,870  

                               ($117,000 - $112,870)

6/30/19                                $3,613.75                              $113,386.25

                                   ($4,130 - $4,130  ÷ 8 years)      ($112,870 + $516,25)

12/31/19                              $3,097.50                              $113,902.50

                                 ($3,613 - $4,130  ÷ 8 years)      ($112,.870 + $516,25)

6/30/20                               $2,581.25                               $114,418.75  

                                ($3,097.50 - $4,130 ÷ 8 years)  ($113,902 + $516.25)

12/31/20                               $2,065.00                             $114,935.00

                                 ($2,581.25 - $4,130 ÷ 8 years)

6/30/21                                $1,548.75                               $115,451.25  

                                  ($2,065 - $4,130 ÷ 8 years)

12/31/21                                $1,032.50                               $115,967.50

                                ($1,548.75 - $4,130 ÷ 8 years)  

6/30/22                               $516.25                                   $116,483.75  

                                 ($1,032.50 - $4,130 ÷ 8 years)

12/31/22                               $-                                             $ 117,000.00

                                   ($516.25 - $4,130 ÷ 8 years)

The same method is applicable for other time period

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