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Prepare the journal entry at the date of the bond purchase

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Reference no: EM132710025

Question - On January 1, 2020, Flint Company purchased 10% bonds having a maturity value of $420,000, for $453,537.42. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Flint Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.

Required -

(a) Prepare the journal entry at the date of the bond purchase.

(b) Prepare a bond amortization schedule.

Reference no: EM132710025

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