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Question :
On January 1, 2009, Comet Company purchased a building for $50,000, making a cash down payment of $8,000 and signing a note requiring six equal semi-annual payments for the balance. Payments are to be made on June 30 and December 31. The implicit interest rate is 8%, compounded semi-annually.
A. Compute the amount of the six equal semi-annual payments.
(Round answer to the nearest dollar amount)
B. How much interest expense will Comet Co. record on the note for the first year?
(Hint: Use the following amortization table to help you find the interest for each 6-month period.)
Date
Cash Payment
Interest Expense
Reduction
of Principal
Carrying Value
Issuance
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