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Question - TransCanada Pipelines has an outstanding issue of $200,000, 8% bonds that mature in 2028. Suppose the bonds are dated October1, 2018 and pay interest semiannually. The market rate at the time of issuance of bonds was 9% and was done at an issue price of 93.80.
Required -
1. Complete the effective interest rate amortization table through October 1, 2020
2. Prepare journal entries to record the following transactions regarding this bond issue:
a. issuance of the bonds on October 1, 2018.
b. required on December 31, 2018.
c. required for April 1, 2019.
The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2017, Prepare the journal entry to record the redemption
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