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I need help with the red boxes that I got wrong. Please include the work to solve it Your answer is partially correct. Marin Co.
I need help with the red boxes that I got wrong. Please include the work to solve it
Your answer is partially correct. Marin Co. sells $467,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. 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 $ 3/1/20 $ i $ 440,932 9/1/20 26,456 3,106 444,038 23,350 23,350 3/1/21 26,642 26,642 3,292 447,330 9/1/21 23,350 26,840 3,490 450,820 23,350 27,049 3,699 454,519 3/1/22 9/1/22 23,350 27,271 3,921 458,440 3/1/23 23,350 27,506 4,156 462,596 9/1/23 23,350 27756 4,406 467,002 9/1/20 Interest Expense 26456 Discount on Bonds Payable 3,106 Cash 29,562 12/31/20 Interest Expense 26642 Discount on Bonds Payable 3,292 Interest Payable 29,934 3/1/21 Interest Expense Interest Payable Discount on Bonds Payable 1,097 Cash 23,350 9/1/21 Interest Expense 31,662 Discount on Bonds Payable 4,156 Cash 23,350 12/31/21 Interest Expense Discount on Bonds Payable 2,466 Interest PayableStep by Step Solution
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