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can someone me help me with this question? Problem 10-10A (Part Level Submission) On January 1, 2017, Concord Corporation issued $1,770,000 face value, 7%, 10-year
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Problem 10-10A (Part Level Submission) On January 1, 2017, Concord Corporation issued $1,770,000 face value, 7%, 10-year bonds at $1,651,231. This price resulted in an effective-interest rate of 8% on the bonds. Concord uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 Cash 1,651,231 Discount on Bonds Payable 118769 1,770,000 Bonds Payable Click if you would like to Show Work for this question: Open Show Work Prepare an amortization table through December 31, 2019 (three interest periods) for this bond issue. (Round answers to 0 decimal places, e.g. 125.) CONCORD CORP Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Bond Annual Interest Expense Carrying Discount Unamortized Interest Periods to Be to Be Recorded Amortization Discount Value Paid 118769 1751231 Issue dateStep by Step Solution
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