Refer to the information above for Haley Industries. Haley Industries issued $120,000 of 11%, 7-year bonds on
Question:
Haley Industries issued $120,000 of 11%, 7-year bonds on January 1, 2020, with a $5,842 premium. Interest is paid annually on December 31. The market rate of interest is 10%.
Required:
Prepare the amortization table using the effective interest rate method.
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