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On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end
On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date Cash Interest January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 Amortization $220 248 Balance 56,966 56,746 56,512 $ 3,752 $ 3,532 3,488 56,000 value: Required information 10.00 points Required 1. Complete the amortization schedule. (Enter all your values in positive. Round your final answers to nearest whole dollar amount.) Date Cash Interest Amortization Balance January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 3,752$ 3,752 3,752 3,752 $ 56,966 56,746 56,512 3,532 $ 220 $ 248 3,488 56,000
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