PREPARING A PREMIUM NOTE LIABILITY TABLE. Edmonton-Alston Corporation issued 5-year, 9.5% notes with a total face amount

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PREPARING A PREMIUM NOTE LIABILITY TABLE. Edmonton-Alston Corporation issued 5-year, 9.5% notes with a total face amount of $700,000 on January 1, 19x2, for $726,000. The notes pay interest on June 30 and December 31 of each year.

REQUIRED:

1. Prepare a note liability table.

2. Prepare the entries to recognize the sale of the notes and the interest payments made on June 30, 19x2, and December 31, 19x2.

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Financial Accounting

ISBN: 9780070213555

5th Edition

Authors: Robert K. Eskew, Daniel L. Jensen

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Question Posted: Jun 14, 2024 01:35 AM

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PREPARING A PREMIUM NOTE LIABILITY TABLE. Edmonton-Alston Corporation issued 5-year, 9.5% notes with a total face amount

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Financial Accounting

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