On January 1, 2011, Kohlbeck Company issued bonds with a face value of ($ 600,000), a stated
Question:
On January 1, 2011, Kohlbeck Company issued bonds with a face value of \(\$ 600,000\), a stated rate of interest of 13 percent, and a five-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 11 percent at the time the bonds were issued. The bonds sold for \(\$ 644,351\). Kohlbeck used the effective interest rate method to amortize bond premium.
Required
a. Prepare an amortization table as shown below:
b. What item(s) in the table would appear on the 2014 balance sheet?
c. What item(s) in the table would appear on the 2014 income statement?
d. What item(s) in the table would appear on the 2014 statement of cash flows?
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