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Question - Tamarisk Ltd. issued $750,000 of 15-year, 8.50% bonds on January 1, 2022, when the market interest rate was 7.50%. The cash received at the issuance of the bond was $816,859.67. Interest is payable semi-annually on July 1 and January 1. Tamarisk has a December 31 year end.
Required -
A) Prepare a bond amortization schedule for the first four interest periods, using the effective-interest method.
B) Record the issue of the bonds and the first interest payment.
C) Record the accrual of the interest on December 31, 2022.
D) Show the balance sheet presentation of the bonds at December 31, 2022.
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