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Question - Completing a Debt Amortization Table
Cagney Company sold $250,000 of bonds on December 31, 2013. 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
$8,000
$242,000
6/30/14
$12,000
$12,800
$800
$7,200
$242,800
12/31/14
12,000
12,800
800
6,400
243,600
3/30/15
?
Required -
a. Determine the stated interest rate on these bonds.
b. Calculate the interest expense and the discount amortization for the interest period ending June 30, 2015.
c. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2015.
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