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COMPLETING A DEBT AMORTIZATION TABLE (STRAIGHT LINE)
Cagney Company sold $200,000 of bonds on December 31, 2008. A portion of the amortization table appears below.
Period
Cash Payment (Credit)
Interest Expense (Debit)
Discount on Bonds Payable (Credit)
Discount on Bonds Payable Balance
Carrying Value
At issue
$6,000
$194,000
6/30/09
$11,000
$11,600
$600
5,400
194,600
12/31/09
11,000
11,600
600
4,800
195,200
6/30/10
?
Required:
1. Determine the stated interest rate on these bonds.
2. Calculate the interest expense and the discount amortization for the interest period ending June 30, 2010.
3. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2010.
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