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P14-2 - 14-2 a Present value of the principal Present value...

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14-2 a) Present value of the principal $771,080 Present value of the interest $1,290,360 Present value(selling price of bonds) $2,061,440 Dr. Cr. Cash $2,011,440 Unamortized Bond Issue Costs $50,000 Bonds Payable $2,000,000 Premium Bonds Payable $61,440 b) Date Cash Paid Interest Expense 1/1/2009 1/1/2010 $210,000 $(206,144) 1/1/2011 $210,000 $(205,758) 1/1/2012 $210,000 $(205,334) 1/1/2013 $210,000 $(204,868) c) Carrying amount as of 1/1/12 $2,048,676 Less: Amortization of bond premium $2,566 Carrying amount as of 7/1/12 $2,046,110 Reacquisition price
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