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Question - CNZ Corporation sells €348,000 of 12% bonds on April 30, 2020. The due date of the bonds is April 30, 2024. CNZ Corporation pays interest semiannually on October 31 and April 30. The effective-interest rate is 10%.
On May 2, 2021, CNZ Corporation buys back €88,000 (face value) worth of bonds for €92,300.
Instructions -
1. Compute the issue price of the bonds. (Round to the nearest euro.)
2. Make a bond interest and premium/discount amortization schedule using the effective interest method until October 31, 2021 (included).
3. Make all of the relevant journal entries from the time of sale until the date of a partial buyback (included). Amortize premium or discount on interest dates and at year-end. The accounting year ends December 31.
4. Provide the answer to the following question. What amount of interest expense is reported for 2021?
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