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Do the second part !!!! View Policies Current Attempt in Progress On January 1, 2020, Metlock Company sold 11% bonds having a maturity value of
Do the second part !!!!
View Policies Current Attempt in Progress On January 1, 2020, Metlock Company sold 11% bonds having a maturity value of $ 880,000 for $913,358.92, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Metlock Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, es 38,548.25. If no entry is required. select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Debit Date Account Titles and Explanation 75335892 Casti uary 1, 2020 850000 Bonds Payable 33358.92 Premium on Bonds Payable List of Accounts (b) Prepare a schedule of interest expense and bond amortization for 2020-2022. (Round answer to 2 decimal places, e3.38,548.25) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Cash Pald Debit interest Expense Debit Bond Premium Carryle Amount of Date 1/1/20 12/31/20 12/31/21 12/31/22 Step by Step Solution
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