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On January 1, 2022, Cane Incorporated issued $1,530,000 par value, 3%, 7-year bonds (ie, there were 1,530 of $1,000 par value bonds in the
On January 1, 2022, Cane Incorporated issued $1,530,000 par value, 3%, 7-year bonds (ie, there were 1,530 of $1,000 par value bonds in the issue) Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1. The issue price of the bonds based on a 4% market rate of interest is $1,437,387 Prepare the amortization table for the first 2 years, assuming Cane uses the straight-line method. (Round each calculation to the nearest whole number and then use the rounded value for each subsequent calculation in the table) CIT Date January 1, 2022 July 1, 2022 January 1, 2023 July 1, 2023 January 1, 2024 Discount/Premium Cash Interest Straight-Line Interest Amortization Carrying Value
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