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On January 1, 2020, Windsor Inc. sold 12% bonds having a maturity value of $770,000 for $859,850, which provides the bondholders with a 9% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method.
Problem 1: Prepare the journal entry at the date of issue.
Problem 2: prepare a schedule of interest expense and bond amortization for 2020 through 2023.
Problem 3: Prepare the journal entries to record the interest payment and the amortization for 2020.
Problem 4: Prepare the journal entries to record the interest payment and the amortization for 2022.
The following information is provided: Income before taxes = $900,000 Income before taxes included the following Interest income of = $80,000 (from municipal bonds) Rental income was collected in advance in 2013 and earned in 2014 = $20,000 Depreciat..
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In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,200. What ..
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