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Please help.Thank you The following amortizaticerand interest schedule refiects the issuance of 10 -year bonds by Swifty Corporatice co daraary 3.2014. and the sabsequent interest
Please help.Thank you
The following amortizaticerand interest schedule refiects the issuance of 10 -year bonds by Swifty Corporatice co daraary 3.2014. and the sabsequent interest puyments and clarges. The company's year-end is December 31, and financiaistatements are prepared once yearly: (a) Indicate whether the bonds were issued at a premium or a discount. (b) Indicate whether the amortization schedule is based on the straight-line method or the effective-interest method. (c) Determine the stated interest rate and the effective-interest rate. (Round answers to 0 decimal placesies. 18\%.) The stated rate % The effective rate % (d) On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1,2014, (if no entry is requined, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered, Do not indent manually. (e) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2014 . finterest is paid January 1.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. (f) On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2021.Swifty Corporation does not use reversing entries. Of no entry is required, select "No Entry" for the account titles and enter 0 for the amounts, Credit account titles are outomatically indented when amount is entered. Do not indent manually( Step by Step Solution
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