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just need journal entrys. Thank you! On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest

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On January 1, 2018, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 6.50 percent, so the total proceeds from the bond issue were $101,320 Methodical uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare a bond amortization schedule 2-5. Prepare the required journal entries to record the bond issue, interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 104 Reg 1 Reg 2 to 5 Prepare a bond amortizadon schedule. Changes During the Period Ending Bond Liability Balances Period Ended Cashi Paid Premium Amortired Interest Expense Carrying Value $ 01/01/18 12/31/18 12/31/19 Premium on Bonds Bonds Payable Payable $ 100,000 $ 1.320 100,000 880 100,000 440 100,000 0 440 7,000 7,000 6,560 6,560 101,320 100,880 100,440 100,000 440 12/31/20 7,000 440 6.560 Req 2 to 5 > Journal entry worksheet >

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