Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,840 million on July 1, 2021, at a price of $1,810 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semi-annually on June 30 and December 31.
Prepare the journal entry to record interest at the effective interest rate at December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2018, if it uses the direct method?

Answer:

Part 1

Journal entry to record interest at the effective interest rate at December 31.

Debit : Interest expense $181.45

Credit : Bond Payable $181.45

Part 2

the amount(s) related to the bonds that would be recorded in statement of cash flows

Cash flow from Operating Activities - Interest expense $181.45

Cash flow from Financing Activities - Repayment of Bond $18.55

Explanation:

The bond amortization table is the only tool that can supply us with further information about the Bond Interest, Bond Capital Repayment and Balance after Installment.

We can simply construct an amortization by entering the following data in the financial calculator,

FV = $1,840 million

PV = - $1,810 million

PMT = ($1,810 million x 9%) ÷ 2 = $81.45

I/YR = 10 %

P/YR = 2

N = 3.14

then, SHIFT Amort gives,

Bond Amortization table (extract)

Date                              Principle         Interest            Balance

December 31, 2018       $18.55           $181.45              $1.828

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