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Prepare a bond amortization schedule

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Reference no: EM132663932

Question - Teal Co. sells $464,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021.

Required -

1. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end.

2. Prepare all of the relevant journal entries from the time of sale until December 31, 2021.

Reference no: EM132663932

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