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1. Prepare a bond amortization table as the table will be used to answer the dollar amount for each of the four journal entries include
1. Prepare a bond amortization table as the table will be used to answer the dollar amount for each of the four journal entries include in the amortization table.
(Looking for the table only not the journal entries)
On February 1, 2021, Wolf Inc. issued 12% bonds dated February 1, 2021, with a face amount of $170,000. The bonds sold for $199,172 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization. 1. Prepare the journal entry to record the bond issuance on February 1, 2021. 2. Prepare the entry to record interest on July 31, 2021. 3. Prepare the necessary journal entry on December 31, 2021. 4. Prepare the necessary journal entry on January 31, 2022Step by Step Solution
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