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Prepare a schedule of interest expense and bond amortization

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Question - On January 1, 2020, Windsor Inc. sold 14% bonds having a maturity value of $760,000 for $786,731, which provides the bondholders with a 13% 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.

Prepare the journal entry at the date of issue Jan. 1, 2020

Prepare a schedule of interest expense and bond amortization for 2020 through 2023.

Prepare the journal entries to record the interest payment and the amortization for 2020.

Prepare the journal entries to record the interest payment and the amortization for 2022.

Reference no: EM132820968

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