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Prepare the bond amortization table through December

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Reference no: EM132637726

Question - On January 1, 2020, Fields Corporation issued ten-year bonds with a par value of $2,000,000. The bonds pay interest semiannually on June 30 and December 31 at an annual rate of 10%. The bonds were issued to yield 8% annually.

Fields Corporation has a fiscal year that ends August 31 each year. Fields Corporation uses the effective-interest method to calculate its interest expense each period.

Required -

1. Compute the issue price of the bonds and the journal entry at issuance.

2. Prepare the bond amortization table through December 31, 2020.

3. Prepare the journal entry or entries associated with this bond on August 31, 2020.

 

Reference no: EM132637726

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