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Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A Period Ending
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A
Period Ending | (A) Cash Interest Paid $630,000 7.0% 6/12 | (B) Period Interest Expense (E) 6.0% 6/12 | (C) Amort. (A) (B) | (D) Unamortized Balance | (E) Carrying Value $630,000 + (D) | ||||||||||||||||||||
June 1/20 | $ | 43,324 | $ | 673,324 | |||||||||||||||||||||
Dec. 1/20 | $ | 22,050 | $ | 20,200 | $ | 1,850 | 41,474 | 671,474 | |||||||||||||||||
Dec. 1/26 | 22,050 | 19,412 | 2,638 | 14,426 | 644,426 | ||||||||||||||||||||
June 1/27 | 22,050 | 19,333 | 2,717 | 11,709 | 641,709 | ||||||||||||||||||||
Dec. 1/27 | 22,050 | 19,251 | 2,799 | 8,910 | 638,910 | ||||||||||||||||||||
June 1/28 | 22,050 | 19,167 | 2,883 | 6,027 | 636,027 | ||||||||||||||||||||
Dec. 1/28 | 22,050 | 19,081 | 2,969 | 3,058 | 633,058 | ||||||||||||||||||||
June 1/29 | 22,050 | 18,992 | 3,058 | 0 | 630,000 | ||||||||||||||||||||
Totals | $ | 396,900 | $ | 353,576 | $ | 43,324 | |||||||||||||||||||
*Adjusted for rounding
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