Superior Drive-Ins Ltd. borrowed money by issuing $1,000,000 of 7% bonds payable at 96.5 on July 1, 2016. The bonds are 10-year bonds and pay interest each January 1 and July 1.
1. How much cash did Superior receive when it issued the bonds payable? Journalize this transaction.
2. How much must Superior pay back at maturity? When is the maturity date?
3. How much cash interest will Superior pay each six months?
4. How much interest expense will Superior report each six months? Assume the straight-line amortization method. Journalize the entries for accrual of interest and amortization of discount on December 31, 2016, and payment of interest on January 1, 2017.
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