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PS: Include the correct entries of calendar years 2022, 2023, and 2024 I will give thumbs up immediately On May 2, 2020, WXY Co. received
PS: Include the correct entries of calendar years 2022, 2023, and 2024
I will give thumbs up immediately
On May 2, 2020, WXY Co. received authorization to issue P6,000,000, 5-year serial bonds, with the following due dates: May 2, 2023 P2,000,000 May 2, 2024 2,000,000 May 2, 2025 2,000,000Interest rate is 12% per annum, payable every May 2"d. The entire P6,000,000 was issued on July 1, 2020 at 103.45% (net of bond issue cost). REQUIRED: 1. Prepare a premium amortization table using the bonds outstanding method. 2. Prepare all the entries from July 1, 2020 up to Dec. 31, 2024. The 2023 scheduled retirement pushed through. The 2024 scheduled retirement was prematurely done on Dec. 1, 2023 at a redemption price of 97%. Include year-end adjusting entries (Dec. 31) and a compound closing entryStep by Step Solution
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