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help!! On January 1, 2020, Pharoah Company purchased $340,000, 8% bonds of Aguirre Co.for $313,745. The bonds were purchased to yield 10% interest. Interest is
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On January 1, 2020, Pharoah Company purchased $340,000, 8% bonds of Aguirre Co.for $313,745. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2025. Pharoah Company uses the effective interest method to amortize discount or premium. On January 1, 2022, Pharoah Company sold the bonds for $315,215 after receiving interest to meet its liquidity needs. (a) (b) Prepare the amortization schedule for the bonds. (Round answers to 0 decimal places, e.g. 1,250.) Schedule of Interest Revenue and Bond Discount Amortization-Effective-Interest Method Bonds Purchased to Yield Interest Receivable Or Cash Received Bond Discount Amortization Ar Interest Revenue Date 1/1/20 $ $ 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 IN 1/1/25 Total Teythookand MediaStep by Step Solution
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