Straight-line method of amortization

Option #2: Bonds Issued at a Discount On October 1st, 2013, Franklin Corporation issued $2 million of 13.5% bonds for $1.9?0,143.36. The bonds are clue in 4 years. and pay interest semiannually on March 31 and September 30. Assume an effective yield rate of14%. a. Use the spreadsheet included in the module section to prepare a bond interest expense and discount amortization schedule using the straight-line method. b. Use the same spreadsheet to prepare a bond interest expense and discount amortization schedule using the effective interest method. c. Prepare any adjusting entries for the end of the ?scal year December 31. 2018, using the:

1. straights line method of amortization

2. effective interest method of amortization Assume the company retired the bonds on June 30. 2G19, at 98 plus accrued interest. Prepare the journal entries to record the bond retirement using the straight-line method of amortization and the effective interest method of amortization.

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