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On October 1, 2020, Best Biopharma Inc. issued an $800,000, 12.0%, seven-year bond. Interest is to be paid annually each October 1 Assume a November

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On October 1, 2020, Best Biopharma Inc. issued an $800,000, 12.0%, seven-year bond. Interest is to be paid annually each October 1 Assume a November 30 year-end. (Use TABLE 14A1 and TABLE 14A 2) (Use appropriate factor(s) from the tables provided) Required: a. Calculate the issue price of the bond assuming a market interest rate of 100%. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) e price of the bond b. Prepare an amortization schedule using the effective interest method (Do not round Intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts os positive values.) Period Ending Cash Interest Pald Period Interest Expense Premium Amort. Unamortized Premium Carrying Value Oct. 1/20 Oct 1/21 Oct 1/22 Oct 1/23 Part 1 Record the following entries: (Do not round intermediate calculations, Round the final answers to the nearest whole dollar) a. Issuance of the bonds on October 1, 2020 b. Adjusting entry to accrue bond interest and premium amortization on November 30, 2020 cPayment of interest on October 1, 2021 1 View transaction is Journal entry worksheet

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