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Need help with accounting question... Please answer all parts! Thanks! Question 1 Cole Corporation issued $450,000, 9%, 21-year bonds on January 1, 2014 for $377,325.
Need help with accounting question... Please answer all parts! Thanks!
Question 1 Cole Corporation issued $450,000, 9%, 21-year bonds on January 1, 2014 for $377,325. This price resulted in an effective-interest rate of 11% on the bonds annually on January 1. Cole uses the effective-interest method to amortize bond premium or discount. l as ss the etive-nteret mne hod to amars bondprahia terest is payable Prepare the schedule using effective-interest method to amortize bond premium or discount of Cole Corporation. (Round answers to 0 decimal places, e.g. 150.) Interest Periods Interest to Be Paid Interest Expens to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value Issue date 2 SHOW LIST OF ACCOUNTS Prepare the journal entries to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2014Step by Step Solution
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