Assignment:
June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $5,424,098 after payment of interest and amortization of discount have been recorded. (Record the redemption only.)
Sept 30. Paid the second annual payment on the note, which consisted of interest of $15,794 and principal of $60,173.
INST
1) Journalize the entries to record the foregoing transactions.
2) Indicate the amount of the interest expense in (a) 2012 (b) 2013
3) Determine the carrying amount of the nonds as of December 31,2013