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On January 1, 2021, Feather Pillows, Inc. issued 8% bonds dated January 1, with a face amount of $800,000. The bonds mature on December 31,
On January 1, 2021, Feather Pillows, Inc. issued 8% bonds dated January 1, with a face amount of $800,000. The bonds mature on December 31, 2025 (5 years) and pay interest semi-annually. The market yield for bonds of similar risk and maturity was 6% when the bonds were issued. Prepare, in good form, all the journal entries and amortization schedule for the bonds.
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