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Required Information The following information applies to the questions displayed below) On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10
Required Information The following information applies to the questions displayed below) On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with Interest payable semiannually on June 30 and December 31 each year. The market Interest rate on the issue date is 6% and the bonds issued at $644,632 Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $633,887 on December 31, 2023. Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 00/30/2021 12/21/2021 Od/30/2022 12/31/2022 06/30/2023 12/31/2023 Saved The following information applles to the questions displayed below) On January 1, 2021. White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market Interest rate on the issue date is 6% and the bonds issued at $644,632 2. If the market interest rate increases to 8% on December 31, 2023, it will cost $568,311 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld. Round your Intermediate calculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet
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