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PLZ help w all the requirements On January 1, 2020, Cameron Cocporation issued five-year, 6% bonds payable wor a tace value of $2,100,000. The bonds
PLZ help w all the requirements
On January 1, 2020, Cameron Cocporation issued five-year, 6% bonds payable wor a tace value of $2,100,000. The bonds wece issued at 92 and pay interest on January 1 and July 1 . Cameron amortices bond discounts using the straight-line method. On December 31,2022 . Cameron resred the bonds early by purchasing them at a market price of 96 . The company's fiscal year ends on December 31 Fioad the Requirement 1. Journalize the issuance of the bonds on January 1, 2020 .Rocord debes trat, then credits. Exclude explanasons from any jourrai entries ) Requirements 1. Journalize the issuance of the bonds on January 1,2020 . 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2020. 3. Record the interest accrual and discount amortization on December 31,2020. 4. Calculate the carrying value of the bonds payable on December 31,2022 , prior to their retirement. 5. Calculate the gain or loss on the retirement of the bonds payable on December 31,2022 . Indicate where this gain or loss will appear in the financial statements Step by Step Solution
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