On January 1, 2016, Bridgeport Corporation issued three thousand, 10 year, $1000 callable bonds.The bonds had an

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On January 1, 2016, Bridgeport Corporation issued three thousand, 10 year, $1000 callable bonds.The bonds had an interest rate of 7% payable semi-annually on June 30 and Dec 31.The bonds were issued for $3,223,160 when the market rate was 6%.

Bridgeport Corporation reported the following on their statement of financial position at December 31, 2019:

Bonds Payable, due December 31, 2026, 7% interest payable

semi-annually on June 30 and December 31.$3,000,000

Unamortized Bond Premium$149,310

On April 30, 2020, 40% of the bonds were retired when the market price of the bonds was 95.

Required:

Posted Date: Jun 21, 2024 11:09 PM

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On January 1, 2016, Bridgeport Corporation issued three thousand, 10 year, $1000 callable bonds.The bonds had an

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