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On January 1, Year 1, a company issues $470,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and

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On January 1, Year 1, a company issues $470,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $504,964. Exercise 9-12B Part 1 Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Decrease in Date Cash Paid Interest Expense Carrying Value Carrying Value 01/01/Year 1 06/30/Year 1 N1

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