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Please show all work and explanation. I leave thumbs up! On July 1, 2018, Angrist Inc issued 3-year bonds with a par value of $500,000.
Please show all work and explanation. I leave thumbs up!
On July 1, 2018, Angrist Inc issued 3-year bonds with a par value of $500,000. 5% interest is paid every December 31st and June 30th and the going market rate for comparable bonds was 4% (every six months). The bonds were callable at 109 at any date. Assume that there were no underwriting fees. Part A. Prepare a bond amortization schedule assuming the bonds are outstanding until maturity. Part B. Prepare the necessary journal entry (or entries) for the bonds on 12/31/2020. Part C. Assume that all of the bonds are called on 1/1/2021. Prepare the necessary journal entry (or entries)Step by Step Solution
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