What is the hierarchy of the court system in Canada?
A) Provincial Court, Provincial Superior Court, Court of Appeal, Supreme Court of Canada
B) Civil Court, Criminal Court, Tax Court, Military Court
C) Civil Law, Common Law, Federal Law, Provincial Law
D) Federal Court, Provincial Court, Municipal Court, Human Rights Tribunal financeOn January 1, 2014, Imelda Corporation issued $2,000,000 face value, 6%, 10-year bonds at$2,154,434. This price resulted in an effective-interest rate of 5% on the bonds. Imelda uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.
***Instructions***
(Round all computations to the nearest dollar.)
(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2014.
(b) Prepare an amortization table through December 31, 2016 (three interest periods) for this bond issue.
(c) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2014.
(d) Prepare the journal entry to record the payment of interest on January 1, 2015.
(e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2015.