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Life Fitness Lid is authorized to issue 57,000,000 of 8 percent, 10-year bonds. On January 2, 2020, the contract date, when the market interest rate
Life Fitness Lid is authorized to issue 57,000,000 of 8 percent, 10-year bonds. On January 2, 2020, the contract date, when the market interest rate is 10 percent, the company issues 55,600,000 of the bonds and receives cash of 54.902 116 Interest is paid on June 30 and December 31 each year Required 1. Prepare an amortization table for the first four semi-annual interest periods. Life Fitness amortizes bond discounts by the effective interest method 2. Record the issue of bands on January 2 the first semiannual interest payment on June 30, and the second payment on December 31 3. Show the balance sheet presentation of the bond on the date of issue and on December 31, 2021 Burment 1 Pron numrin Discount Discount Account Payment (4.0% of Maturity Values) Semi-annual Interest Period (5.0% of Preceding Bond Carrying Amount) Balance Amortization (B-A) Bond Carrying Amount (55,600,000 -D) (D-C) Jan. 2. 2020 Jun 30, 2020 Dec 31, 2020 Jun 30, 2021 Dec 31, 2021 Choose from any list or enter any number in the input fields and then continue to the next
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