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Problem - Green Oak issued a $900,000, 7%, 10-year bonds on December 31, 2021, for cash. The current market rate is 10%. The corporation uses the effective interest amortization method. Interest is payable semi-annually on June 30 and December 31.
Required -
1. Calculate the bond price and prepare the entry at the issuance date.
2. Prepare an amortization schedule for the first five payment periods using the format shown below:
Period Ending
Cash Interest paid
Period Interest Expense
Discount Amortized
Unamortized Discount
Carrying Value
12/31/2021
6/30/2022
12/31/2022
6/30/2023
12/31/2023
6/30/2024
12/31/2024
6/30/2025
12/31/2025
3. Prepare the entries to pay an interest on June 30, 2023 and December 31, 2023.
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