In each of the following independent cases, the company closes its books on December $31.$

Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at

year end. Assume that no reversing entries were made.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($a$)$

Your answer is partially correct.

Ivanhoe Co$.$ sells $$402,000$ of $13\%$ bonds on March $1,2023.$ The bonds pay interest on September $1$ and March $1.$ The due date of

the bonds is September $1,2026.$ The bonds yield $15\%.$ Provide entries through December $31,2024.$

Construct an amortization table $($Hint: Refer to Chapter $3$ for tips on calculating and use the calculations from the financial

calculator for the journal entries.$)($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$

decimal places e$.$g$.58,971.$