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Help with intermediate accounting 2, chapter 14 Coronado Co. sells $470,000 of 8% bonds on March 1, 2017. The bonds pay interest on September 1
Help with intermediate accounting 2, chapter 14
Coronado Co. sells $470,000 of 8% bonds on March 1, 2017. The bonds pay interest on September 1 and March 1, The due date of the bonds is September 1, 2020. The bonds yield 12% Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds Date 3/1/20 9/1/20 Prepare all of the relevant journal entries from the time of sale until the date indicated. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent maually.)Step by Step Solution
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