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Prepare the journal entry for the first semi-annual interest

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On July 1, 2021, Santa Ana Company issues 550,000 13-year 12%, semi-annual bonds. On the issue date, the market rate is 14%.

Problem 1. Determine the amount of cash received from the issuance of the bond. Must show 4 steps.

Problem 2. Prepare the journal entry to record the issuance of the bond.

Problem 3. Prepare the journal entry for the first semi-annual interest payment AND amortization of the bond discount of premium using the straight-line method of amortization.

Problem 4. prepare the journal entry for the second semi-annual interest payment AND amortization of the bond discount or premium using the straight-line method.

Problem 5. Prepare the journal entry for the first semi-annual interest payment AND amortization of the bond discount or premium using the effective interest method of amortization.

Problem 6. Prepare the journal entry for the second semi-annual interest payment AND amortization of the bond discount of premium using the effective interest method of amortization.

Reference no: EM132927912

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