Business, 10.03.2020 11:02 AM28

Premium Amortization on Bond Investment and Partial Sale of the Investment Using the Effective Interest Method OnJanuary 1. 2013. Hyde Corporation purchased bonds with a face value of $300,000 for 530837353. The bonds are dueJune 30. 2016, carry a 13% stated interest rate. and were purchased to yield 12%. Interest is payable semiannually on June30 and December 31. On March 31. 2014. in contemplation of a major acquisition. the company sold one-half the bondsfor 5159.500 including accrued interest: the remainder were held until maturity. Required:Prepare the journal entries to record the purchase of the bonds. each interest payment. the partial sale of the investmenton March 31, 2014. and the retirement of the bond issue on June 30, 2016.

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