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If you can please show all your work and formulas, it would be greatly appreciated. thank you. Concord Corporation issued $5,160,000 of 8% bonds on

If you can please show all your work and formulas, it would be greatly appreciated. thank you. image text in transcribed
Concord Corporation issued $5,160,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Concord Corporation closes its books annually on December 31. 1. Complete the following amortization schedule for the dates indicated. Use the effective interest method. Date Cash Interest Expense Bond Discount Carrying Amount of Bonds 10/1/2020 $4,761,541 4/1/2021 10/1/2021 2. Prepare the adjusting entry for December 31, 2021. Use the effective-interest method. 3. Compute the interest expense to be reported in the income statement for the year ended December 31 2021

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