BU Curriculum Corporation issued $900,000 of 8% on November 1, 2018, due on November 1, 2023. The interest is to be paid twice a year on Nov. 1 and May 1. The bonds were sold to yield 10% effective annual interest. BU Curriculum Corporation closes its books annually on December 31.
|Date||Credit Cash||Debit Interest Expense||Credit Bond Discount||Carrying Amount of Bonds|
|Nov. 1, 2018|
|May. 1, 2019 (continue schedule using excel)|
Complete an amortization schedule for the above bond (for all periods) using the STRAIGHT-LINE AMORTIZATION METHOD. Round to nearest dollar
PV=$830504 Payment =36000