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Prepare the required journal entries that Angel must make

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Question - On March 1, 2017. Angel Corporation sold $300,000 of 12 percent, 10-year bonds. On that date the market rate (effective interest rate) was 11 percent. Interest is to be paid on March 1 and September 1. Angel uses the effective interest method of amortization.

Required: a) Prepare the required journal entries that Angel must make on March 1, 2017; September 1, 2017; December 31, 2017 January 1, 2018 (reversing) and March 1, 2018. b) Prepare the general Journal Entries using excel. Prepare the journal entries and effective interest amortization on separate worksheets in the same workbook. c) Upload your completed problem through Canvas.

Reference no: EM133009054

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