Question
**No numbers should be keyed more than once in the schedule, formulas should be used in all appropriate locations. Please show me the formulas to
**No numbers should be keyed more than once in the schedule, formulas should be used in all appropriate locations. Please show me the formulas to work and use Excel format for the overall answers or let another answer the question I have been struggling with the set up and this is my third entry. Thank you!
Burr Motor Company, a manufacturer of small- to medium- sized electric motors, needs additional funds to market a revolutionary new motor. Burr has arranged for private placement of a $50,000, five-year, 11% bond issue. Interest on these bonds is paid semi-annually each year on June 30 and December 31. The bond issue is dated and sold on January 1, 2020, proceeds of $48,197.61 to yield 12%. Burr Motor company has a December 31 year end.
Prepare the January 1, 2020 journal entry to issue the bonds payable. |
Prepare a bond interest expense and discount amortization schedule.
Prepare the journal entries for the first and second interest and discount amortization periods. |
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