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PearlCo. is building a new hockey arena at a cost of $2,620,000. It received a down payment of $450,000from local businesses to support the project,
PearlCo. is building a new hockey arena at a cost of $2,620,000. It received a down payment of $450,000from local businesses to support the project, and now needs to borrow $2,170,000to complete the project. It therefore decides to issue $2,170,000of10%,10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield9%.
bond amortization schedule up to and including January 1, 2020, using the effective interest method?
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