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On January 1, 2022, Bramble Corporation issued $1.620.000 face value, 7%, 10-year bonds at $1,511,296. This price resulted in an effective interest rate of 8%

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On January 1, 2022, Bramble Corporation issued $1.620.000 face value, 7%, 10-year bonds at $1,511,296. This price resulted in an effective interest rate of 8% on the bonds. Bramble uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest January 1 (a) Your answer has been saved. See score details after the due date. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to decimal places, es, 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 1511296 Discount on Bonds Payable 108704 Bonds Payable 1620000 (b) Prepare an amortization table through December 31, 2024 (three interest periods) for this bond issue. (Round answers too decimal places, e.g. 125.) BRAMBLE CORP Bond Discount Amortization Effective Interest Method - Annual Interest Payments Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Issue date $ 6 1 N 3

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