Question
IN EXCEL ANSWER THE FOLLOWING QUESTION On January 1, 2017, UMPI, Inc. issued a 10 year $400,000 bond at 8%. The bond pays interest semi-annually
IN EXCEL ANSWER THE FOLLOWING QUESTION On January 1, 2017, UMPI, Inc. issued a 10 year $400,000 bond at 8%. The bond pays interest semi-annually on July 1 and January 1. The bonds yield is 10%. UMPI uses the effective-interest method. UMPI uses a calendar year for financial reporting. Prepare the following:
PT 2 The January 1 issuance of the bond Record July and January interest payments. Dont forget to record the accrued interest payable at December 31. Prepare the full Schedule of Bond Discount/Premium Amortization On January 1, 2017, UMPI, Inc. issued a 10 year $400,000 bond at 8%. The bond pays interest semi-annually on July 1 and January 1. The bonds yield is 6%. UMPI uses the effective-interest method. UMPI uses a calendar year for financial reporting. Prepare the following: A. The January 1 issuance of the bond B. Record July and January interest payments. Dont forget to record the accrued interest payable at December 31. C. Prepare the full Schedule of Bond Discount/Premium Amortization
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