(Entries for Held-to-Maturity Securities) On January 1, 2013, Hi and Lois Company purchased
12 % bond s havin g a maturit y valu e o f $300,00 0 fo r $322,744.44 . Th e bond s p r ovid e th e bondholder s with
a 10% yield. They a r e dated January 1, 2013, and matu r e January 1, 2018, with inte r est r eceivable December
31 of each yea r . Hi and Lois Company uses the e f fective-inte r est method to allocate unamortized discount
or p r emium. The bonds a r e classified in the held-to-maturity categor y .
(a) P r epa r e the journal entry at the date of the bond pu r chase.
(b) P r epa r e a bond amortization schedule.
(c) Prepare the journal entry to record the interest received and the amortization for 2013.
(d) P r epa r e the journal entry to r eco r d the inte r est r eceived and the amortization for 2014.
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