On July 1,2014,Bobby's Building Corp

question 66

Essay

On July 1,2014,Bobby's Building Corp.issued $1,000,000 of 10% bonds dated July 1,2014 for $937,229.The bonds were sold to yield 11% and pay interest semiannually on July 1 and January 1.Bobby's Building Corp.uses the effective interest method of amortization.The company's fiscal year ends on February 28.
Required (Round all amounts to the nearest dollar):
1.Prepare the journal entry on July 1,2014.Omit explanations for all journal entries.
2.Prepare the amortization table for the first two interest periods.
3.Prepare the journal entry on January 1,2015.
4.Prepare the adjusting entry needed on February 28,2015.

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Definitions:

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The forced bondage and labor of African people, prominently before the 19th century, in various parts of the world, especially significant in the history of the Americas.

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Vessels used to transport enslaved Africans across the Atlantic Ocean to the Americas in the transatlantic slave trade.