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On January 1, 2021, The Concod Company received a 4-year promissory note that had a face value of $825,000, and a stated interest rate of 6%. Interest was receivable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Concord Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 year-end.
Problem 1: How to do a note premium / discount amortization schedule?
Problem 2: What are the journal entries to record the receipt of the note on January 1, 2021, and any required accrual entries at the company's year-end on April 30, 2021. What is the journal entry to record the first cash collection by. The Concord Company on January 1, 2022.
journal entries for bond issuance and preparation of amortization table.on january 1 2007 brewster company issued 2000
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