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On January 1, 2021, White Water issues $490,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31
On January 1, 2021, White Water issues $490,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $535,061.
Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $529,343 on December 31, 2023. (Round your interest expense to the nearest whole dollar.)
Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023
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