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On January 1 2015, Patterson Inc. issued $100,000, 12% bonds for $104,974. The market interest rate on January 1, 2015 was 10%. Interest is payable

On January 1 2015, Patterson Inc. issued $100,000, 12% bonds for $104,974. The market interest rate on January 1, 2015 was 10%. Interest is payable annually on December 31. The maturity date of the bonds is December 31, 2017. Please answer the following questions.

Prepare the premium amortization table from 1/12015 to 12/31/2017.

Prepare the journal entry on December 31, 2015, based on US GAAP and IFRS, respectively.

Prepare bonds section in the 2015 balance sheet, based on US GAAP and IFRS, respectively.

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