Preparing amortization schedule using effective rate

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Reference no: EM1333843

National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2011. The bonds mature in 2014 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31.

Prepare an amortization schedule that determines interest at the effective rate each period.

Reference no: EM1333843

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