Workout the amortization of bonds premium and bonds discount for a Statement of Cash Flows
31 DEC 2013 1 JAN 2013
Bond Discount and issue costs $1,165 $6,075
Bonds payable $400,000 $300,000
Premium on bonds payable $7,762 $0
1. The 10%, $300,000 40-year bonds were dated and issued on January 2, 2000. Interest was payable on June 30 and December 31. They were sold originally at 97. These bonds were retired at 101 plus accrued interest on May 31, 2013.
2. The 6%, $400,000 20-year bonds were dated January 1, 2013, and were sold on May 31 at 102 plus accrued interest. Interest is payable semiannually on June 30 and December 31. Expense of issuance was $1,200.
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