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Bramble Corporation issued $320,000,7%, 20-year bonds on January 1, 2022. for $288,583 This price resulted in an effective-interest rate of 8% on the bonds. Interest
Bramble Corporation issued $320,000,7%, 20-year bonds on January 1, 2022. for $288,583 This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective interest method to amortize bond premium or discount. Prepare the schedule using effective interest method to amortize bond premium or discount of Bramble. (Round answers to decimal places, eg. 5,275.) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Issue date $ 1 2 2 eTextbook and Media List of Accounts Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automaticolly indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Date Jan. 1, 2022 Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Date Dec. 31. 2022 e Textbook and Media List of Accounts Prepare the journal entry to record the payment of interest in January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Jan. 1. 2023
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