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show all work please Rainey Company issued $500,000, 11%, 10-year bonds on January 1, 2020, for $531,157. This price resulted in an effective interest rate
show all work please
Rainey Company issued $500,000, 11%, 10-year bonds on January 1, 2020, for $531,157. This price resulted in an effective interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Rainey uses the effective-interest method to amortize bond premium or discount Instructions (a) Prepare a bond amortization schedule which shows the amortization of premium or discount for the first three interest periods. (Round to the nearest dollar.) (b) Prepare the journal entries that Rainey Company would make on January 1, July 1, and December 31, 2020, as well as January 1, 2021, related to these bonds. In preparing your answer, you can use the tables below as a starting point (a) Amortization Schedule (note... only use the rows and columns that you need... (count might not be exact) Ending Carrying Value Start Beginning Interest Interest Carrying Date Value Period Issuance 1/1/2020 1st 7/1/2020 Payment 2nd 1/1/2021 PaymentStep by Step Solution
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