There are three independent situations summarized below.In all three cases the bonds are sold on January 1,2011 and the issuing company has a December 31 year-end.In situation three,the bonds were all repurchased at par on January 1,2015.
Requirement:
Prepare journal entries to record:
a.The issuance of the three bonds.
b.Payment of interest and related amortization on December 31,2011.Prepare the amortization table to help you.
c.Retirement of the situation 3 bond on January 1,2015.
Definitions:
Premiums Payable
Liabilities on an insurance company's balance sheet, representing amounts due to policyholders.
Coinsurance Clause
a provision in insurance policies that requires the policyholder to bear a portion of the costs of covered services, typically a percentage of the total amount.
Premium Rate
The rate charged for an insurance policy, typically a periodic payment based on the level of coverage and risk factors.
Coinsurance Clause
A provision in an insurance policy that requires the insured to bear a portion of the costs of a claim, typically after the deductible has been met.
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