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Prepare the first three payments of an effective interest

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Question - On January 1, 2020, Sarasota Corporation issued $561,000 of 7% bonds that are due in 10 years. The bonds were issued for $488,026 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 9%.

Required - Prepare the first three payments of an effective interest amortization table for the bonds.

Reference no: EM132535448

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