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Record the journal entries on the Jan

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Question - On January 1, 2020, Company A issued $600,000 of 10-year bonds for cash proceeds with a stated rate of 14%. Interest is paid semi-annually on June 30 and December 31. The annual market rate of interest is determined to be 12%. Use the effective interest method to amortize the discount/premium.

Instruction -

(1) Record the journal entries on the following dates: Jan 1. 2020, and Dec 31, 2020. Show the bond amortization table for the first year.

(2) Assume that on Jan 1, 2021 Company A calls back half of this 10-year bonds at a cost of $300,000. Record the journal entry.

Reference no: EM132537425

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