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Calculate the a mortization of bonds -effective interest

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Reference no: EM132579839

ABC & Company sold a Bond having value $1,000,000. With Coupon Rate is 8% on Semi-Annual basis as on 01-01-2015. The maturity of Bond was 5 years. The Effective Interest Rate was 10%. Company received only $ 922,783.

Question 1: You are required to calculate the following

i. Journal Entries for Issuance of Bonds

ii. First Year Journal Entries for Coupon Payments

iii. Journal Entry at the time of Bond Maturity

iv. Total Cost of Borrowings

v. Amortization of Bonds -Straight Line Method

a. Amortization Calculation

b. First Year Journal Entries for Amortization of Bond

vi. A mortization of Bonds -Effective Interest Rate Method

a. Amortization Schedule

b. First Year Journal Entries for Amortization of Bond

 

Reference no: EM132579839

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