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Please provide the answer in word or excel 6)WIFFM Corporation issued $400,000 of 8%, five-year bonds. The bonds are dated and sold on February 1,
Please provide the answer in word or excel
6)WIFFM Corporation issued $400,000 of 8%, five-year bonds. The bonds are dated and sold on February 1, 2017. Interest payment dates are February 1 and August 1. On the issue date, the market interest rate is 6%, resulting in the bonds being sold for $432,119. The company uses the effective-interest method of amortization.
- Prepare the effective interest amortization schedule for the first four payments (round to the nearest dollar) for this bond.
- Prepare journal entries for the issuance of the bond and the first interest payment.
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