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On January 1, 2017, Flounder Company purchased 9% bonds having a maturity value of $370,000, for $400,342.96. The bonds provide the bondholders with a 7%

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On January 1, 2017, Flounder Company purchased 9% bonds having a maturity value of $370,000, for $400,342.96. The bonds provide the bondholders with a 7% yield. bonds are classified in the held-to-maturity category. Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented Debit Credit Date Account Titles and Explanation Jan. 1, 2017 Prepare a bond amortization schedule. (Round answers to 2 decimal places, e.g. 2,525.25.) Schedule of Interest Revenue and Bond Premium Amortization Effective-Interest Method Cash Interest Premium Carrying Amount Received Revenue Amortized of Bonds Date 1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017. (Round answers to 2 decimal places, e.g. 2,525.25. Credit acc Debit Credit Date Account Titles and Explanation Dec 31, 2017 Prepare the journal entry to record the interest revenue and the amortization at December 31, 2018. (Round answers to 2 decimal places, e.g. 2,525.25. Credit acc Debit Credit Date Account Titles and Explanation Dec. 31, 2018

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