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answer please .. Evergreen Corporation issued 100,000 of 8% term bonds on January 1, 2015, due on January 1, 2020, with interest payable each July
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Evergreen Corporation issued 100,000 of 8% term bonds on January 1, 2015, due on January 1, 2020, with interest payable each July 1 and January 1. Investors require an effective-interest rate of 10%. Calculate the bond proceeds. You are required to: 1. calculate the discount on bonds payable (note that the proceeds from sale of bonds is 92,278). 2. Complete the below schedule of bond discount amortization Carrying Amount of Bonds Cash Paid Date 1/1/2015 Interest Expense Discount Amortized 92,278 Step by Step Solution
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