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I need help ( This is a different question from the other i posted) On February 1, 2021, Nikawi Ltd. issued a 4%, 8-year bond
I need help ( This is a different question from the other i posted)
On February 1, 2021, Nikawi Ltd. issued a 4\%, 8-year bond with a face value of $480,000. The semi-annual interest (coupon) payments are made on January 31 and July 31. Nikawi Ltd. receives $448,668 in cash. The company uses the effective interest method. The market rate is 5%. Requirement 1: Prepare a bond amortization table for the first two semi-annual interest periods. Requirement 2: Record the journal entries for the issuance of the bond on February 1, 2021 and the semi-annual interest payments for July 31, 2021 and January 31, 2022. Please fill out the blanks below. After submitting the exam, upload your calculations and journal entries to the dropbox. Blank \#1: What is the interest payment on July 31, 2021? Blank \#2: What is the interest expense on July 31, 2021? Blank \#3: What is the carrying amount of the bond on July 31, 2021? Blank \#4: What is the interest payment on January 31, 2022? Blank \#1: What is the interest payment on July 31, 2021? Blank \#2: What is the interest expense on July 31, 2021? Blank \#3: What is the carrying amount of the bond on July 31,2021 ? Blank \#4: What is the interest payment on January 31, 2022? Blank \#5: What is the interest expense on January 31, 2022? Blank \#6: What is the carrying amount of the bond on January 31,2022? Required format for entering numbers: only enter plain amounts, no $-signs or commas. Round the results to closest $-amounts. Blank \# 1 Blank \# 2 Blank \# 3 Blank \# 4 Step by Step Solution
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