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Flint Corporation issued $ 445,000, 896, 20-year bonds on January 1, 2017, for $ 369,229. This price resulted in an effective-interest rate of 10% on
Flint Corporation issued $ 445,000, 896, 20-year bonds on January 1, 2017, for $ 369,229. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable annually on January 1. Flint 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 Flint Corporation. (Round answers to O decimal places, eg. 5,250.) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value Issue $ date 2 List of Accounts Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, eg. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1,2017
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