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CAN SOMEONE ASSIST ME WITH THIS ASSIGNMENT PLEASE? Marin Ltd. issued $698,600 of 15-year, 7.5% bonds on January 1, 2018, when the market interest rate
CAN SOMEONE ASSIST ME WITH THIS ASSIGNMENT PLEASE?
Marin Ltd. issued $698,600 of 15-year, 7.5% bonds on January 1, 2018, when the market interest rate was 6.5%. The cash received at the issuance of the bond was $764,903.84. Interest is payable semi-annually on July 1 and January 1. Marin has a December 31 year end. Prepare bond amortization schedule for the first four interest periods, using the effective-interest method. (Round answers to 2 decimal places, e.g. 15.75.) MARIN LTD. Bond Premium Amortization Schedule Effective-Interest Method Semi-Annual Interest Period Interest Payment Interest Expense Amortization Bond Amortized Cost Issue Date, Jan. 1, 2018 July 1, 2018 $ $ Dec. 31, 2018 (accrual) July 1, 2019 Dec. 31, 2019 (accrual) Record the issue of the bonds and the first interest payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 15.75.) Date Account Titles and Explanation Debit Credit Jan. 1 July 1 Record the accrual of the interest on December 31, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 15.75.) Date Account Titles and Explanation Debit Credit Dec. 31 Show the balance sheet presentation of the bonds at December 31, 2018. MARIN LTD. Balance Sheet (Partial) $ $Step by Step Solution
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