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Bond Amortization Table 1 On January 1, 2020, Seashore Resorts issued $500,000 of 10% bonds, dated January 1. Interest of $25,000 is payable semiannually on
Bond Amortization Table 1 On January 1, 2020, Seashore Resorts issued $500,000 of 10% bonds, dated January 1. Interest of $25,000 is payable semiannually on June 30 and December 31. The bonds mature in three years. The market interest rate for the bonds of similar risk and maturity is 12%. The entire Bond Issue was purchased by the Vacation Investment Group and is considered to be Held to Maturity. Please create the Bond Amortization Schedule and create the entries to record the bond liability on Seashore Resorts books and the investment on the books of Vacation Investment Group. Note 1: The Present Value of the Ordinary Annuity of $1: n=6, 1 = 6% is 4.91732 Note 2: The Present Value of $1: n=6 i=6% is 0.70496 Complete the Table which calculates the Bond Amortization. Then, create the Journal Entries on the Books of Both Seashore Resorts and Vacation Investment Group's books
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