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PLEASE ASAPPPPPP Problem #12:20 points Tano Issues $1,000,000 of 6%, 2-year bonds dated December 31, 2020 that pay interest semiannually on June 30 and December
PLEASE ASAPPPPPP
Problem #12:20 points Tano Issues $1,000,000 of 6%, 2-year bonds dated December 31, 2020 that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,036,304. You do not need to provide explanations for Journal entries. a. Calculate the premium on the bond issuance: b. Prepare the entry to record bond issuance on December 31, 2020: C How much of the premium should be amortized each interest period? d. Calculate the interest paid to the bondholders every 6 months Prepare the entry to record the interest payments on each June 30 and December 31: f. Complete the following bond amortization schedule: Unamortized Premium Bond Carrying Value Semi-annual Period end o 12/31/20 1 6/30/21 2 12/31/21 3 6/30/22 4 12/31/22 8. Prepare the entry to record maturity and payment of bonds on December 31, 2022 Step by Step Solution
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