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Please show steps. 1. On February 1, 2022, Ellison Co. issued eight-year bonds with a face value of $10,000,000 and a stated interest rate of

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1. On February 1, 2022, Ellison Co. issued eight-year bonds with a face value of $10,000,000 and a stated interest rate of (see below), payable semiannually on July 1 and January 1. The bonds were sold to yield (see below). The bonds are callable at 101 and convertible.
a. Calculate the issuance price and record the issuance of the bonds on February 1
Name (a) Stated (Coupon) Rate (b) Yield
Gabriel 1.0% 2%
Sarah 3.0% 4%
Raul 5.0% 6%
Jessica 7.0% 8%
Bujar 9.0% 10%
Genesis 11.0% 12%
Ariana 13.0% 14%
Belinda 15.0% 16%
Alan 17.0% 18%
Michael 18.0% 20%
Li 1.5% 2%
Lesley 3.5% 4%
Melissa 5.5% 6%
Aldo 7.5% 8%
Gregory 9.5% 10%
Alfredo 11.5% 12%
b. Prepare an amortization table using the effective interest method
c. Record the interest entries on July 1, 2022 and January 1, 2023
d. Using the information above, assume that are called at 101 on December 31, 2030, prepare the journal entry to record the call.

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