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Set up a schedule of interest expense

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Question - Clarenville Wash-n-Wear Inc., a private company following ASPE, is having difficulty meeting its working capital requirements. As a result, on January 1, 2020, the company sold bonds with a face value of $1 million, receiving $800,000 in cash. The bonds have an interest rate of 8% and mature on January 1, 2022. Interest is paid semi-annually on January 1 and July 1.

Required - Set up a schedule of interest expense and discount amortization under the straight-line method.

Reference no: EM132916624

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