Salt rock Hospital issued $500,000 (face value) of 6 percent serial bonds on January 1, 20X1, at 94 percent. These bonds pay interest annually on January 1 and mature at the rate of $100,000 annually, starting January 1, 20X2. Issue costs amounted to $15,000. The hospital’s fiscal year ends on December 31, at which time annual entries are made for amortization and accruals.
Required: (1) Prepare a table, such as the one illustrated in Figure 20.3, to summarize discount amortization and interest expense for the 20X1–20X5 period. (2) Prepare the necessary entries for 20X1 and 20X2 only. (3) Indicate how all matters relating to these bonds should be presented in the hospital’s 20X2 financial statements.
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