Which financial statements are affected by the entry to record the payment of bond interest and the related amortization of a discount? Indicate how each statement is affected.
129.Alpha Corporation issued 20-year bonds payable at a discount in 2013. Will Alpha's net income for 2016 be higher, lower, or the same as it would have been had the bonds been issued at face value? Why?
130.Does the amortization of a bond premium increase, decrease, or not affect interest expense for an accounting period? Explain.
131.If a company uses the effective interest method of amortizing a bond discount, does the interest expense increase, decrease, or stay the same over time? Explain.
132.Explain the difference between the straight-line and the effective interest method of amortization of bond premiums and discounts.
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