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Discuss discount amortization under the straight-line method

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Reference no: EM131745723

Tamarisk Company sells 9% bonds having a maturity value of $2,500,000 for $2,229,651. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548.)

Schedule of Discount Amortization
Straight-Line Method

Year Cash
Paid Interest
Expense Discount
Amortized Carrying
Amount of Bonds
Jan. 1, 2017 $ $ $ $
Jan. 1, 2018
Jan. 1, 2019
Jan. 1, 2020
Jan. 1, 2021
Jan. 1, 2022

 

Reference no: EM131745723

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