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What amounts will be reported on the income statement

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On January 1 of this year. Houston Company issued a bond with a face value of $10.500 and a coupon rate of 5 percent. The bond matures in 3 years and pays interest every December 31. When the bond was issued, the annual market rate of interest was 5 percent Houston uses the effective-interest amortization method.

Problem 1: What amounts will be reported on the income statement and balance sheet at the end of Year 1 and Year 2?

Reference no: EM132758139

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