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Prepare an investment interest income

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Problem - Bond Investment Discount Amortization Schedule Tudor Company acquired $500,000 of Carr Corporation bonds for $487,706.69 on January 1, 2019. The bonds carry an 11% stated interest rate, pay interest semiannually on January 1 and July 1, were issued to yield 12%, and are due January 1, 2022.

Required - Prepare an investment interest income and discount amortization schedule using the:

a. straight-line method

b. effective interest method

Prepare the July 1, 2021, journal entries to record the interest income under both methods.

Reference no: EM132887917

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