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Amortization table is already created so I don't need that. Please do the other questions and provide the calculations as well. thank you! 2. Prepare
Amortization table is already created so I don't need that. Please do the other questions and provide the calculations as well. thank you!
2. Prepare an amortization table using the effective-interest method of amortization. Complete the first five payments only. 5 marks 3. Prepare journal entries for 2015 and 2016 for the bonds payable, using the effective-interest method. Randy has a December 31 fiscal year-end. 2 marks for each journal entry Problem 4 (25 marks) Randy Company found out in early 2015 that one of its major competitors has put itself up for sale. Eager to raise cash to buy out the competitor, Randy Company issued $900,000,5% bonds on May 1, 2015, to yield 4% per year. The bonds would be outstanding for 8 years from the issuance date, and pay interest semi-annually on November 1 and May 1. 1. How much was raised by Randy from the bond issue? (Use present value factors from the attached tables for calculations.) 5 marks 4. Assume that the bond was bought back on the open market on November 1,2017 at 103 after paying interest due on that day. Record the journal entry for the bond buy-back. 3 marksStep by Step Solution
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