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Entries for held-to-maturity securities

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Problem: (Entries for Held-to-Maturity Securities) On January 1, 2017, Hi and Lois Company purchased 12% bonds having a maturity value of $300,000 for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Hi and Lois Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Instructions

Required:

Question 1: Prepare the journal entry at the date of the bond purchase.

Question 2: Prepare the bond amortization schedule.

Question 3: Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017.

Question 4: Prepare the journal entry to record the interest revenue and the amortization at December 31, 2018.

Reference no: EM132419457

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