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Problem 11-1 The following amortization and interest schedule reflects the issuance of 10-year bonds by Pharoah Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly Amortization Schedule Carrying Value Year Cash Interest Unamortized 1/1/2011 2011 $17,215 2012 2013 7,215 2014 2015 2016 7,215 2017 2018 2019 17,215 2020 17,215 $17,719 17,779 7,847 17,923 18,008 18,103 18,210 18,329 18,463 18,612 $8,843 147,657 148,161 148,725 149,357 150,065 150,858 51,746 152,741 153,855 155,103 156,500 8,339 7,775 7,143 6,435 5,642 4,754 3,759 2,645 1,397 17,215 17,215 17,215 17,215 17,215Step by Step Solution
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