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Prepare a bond amortization table

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Problem - On June 30, 20X0, Score Sports Ltd issues $1,000,000 of 8% five-year bonds when the market interest rate is 6%. The issue price is $1,084,249. The bonds pay interest on July 1 every year. Score Sports Ltd amortizes bonds by the effective-interest method. Prepare a bond amortization table for the five annual interest periods. Record the issuance of bonds payable on June 30, 20X0, the first interest expense and the interest payment.

Reference no: EM132983033

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