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answer and explain carrying amount of bonds column. i keep getting the wrong answer Oriole Co, sells $440,000 of 12% bonds on June 1, 2020.
answer and explain carrying amount of bonds column. i keep getting the wrong answer
Oriole Co, sells $440,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 8%. On October 1, 2021, Oriole buys back $ 140,800 worth of bonds for 147,800 (includes accrued interest). Give entries through December 1, 2022. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end, (Round answers to decimal places, eg 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Premium Amortized Date S 6/1/20 S 19970 54:10 12/1/20 26400 TO Date Cash Paid Interest Expense Premium Amortized 6/1/20 $ 12/1/20 26400 19970 6430 6/1/21 26400 19713 6687 12/1/21 26400 19445 6955 19167 2233 6/1/2 26400 18878 2522 12/1/22 26400 26400 18577 7923 6/1/23 15264 5136 26400 12/1/23 SHUVCHICCOLTICWU Bonds Sold to Yield Carrying Amount of Bonds Interest Expense Premium Amortized $ 499248 $ 26400 19970 6430 26400 19713 6687 26400 19445 6955 26400 19167 7233 26400 18878 7522 26400 18577 7823 26400 18264 8136 Step by Step Solution
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