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please complete all required parts Problem 10-8AB Effectlve Interest: Amortization of bond discount LO P5 Legacy issues $690,000 of 7.0%, four-year bonds dated January 1,
please complete all required parts
Problem 10-8AB Effectlve Interest: Amortization of bond discount LO P5 Legacy issues $690,000 of 7.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 . They are issued at $623,078 when the market rate is 10%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the joumal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Prepare the January 1 journel entry to record the bonds' issuance. Journal entrv worksheet Step by Step Solution
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