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show steps Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Shamrock Corporation on January 1, 2014,
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Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Shamrock Corporation on January 1, 2014, and the subsequent interest payments and charges. The company's year-endis December 31, and financial statements are prepared once yearly Year 1/1/2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Amortization Schedule Amount Cash Interest Unamortized $11.946 $23,254 $23,934 11,266 23,254 24,016 10,504 23,254 24,108 9,650 23.254 24,210 8,694 23.254 24,325 7,623 23,254 24,453 6424 23,254 24,597 5,081 23,254 24,758 3.572 23,254 24.939 1,892 23,254 25,146 Carrying Value $ 199,454 200,134 200,896 201,750 202.706 203.777 204,976 206,319 207,823 209.508 211,400 (a) indicate whether the bonds were issued at a premium or a discount, (b) Indicate whether the amortization schedule is based on the straight-line method or the effective interest method (c) Determine the stated interest rate and the effective interest rate. (Round answers to decimal places, e318%) 9 The stated rate 3 The effective rate (d) On the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2014. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) (d) on the basis of the schedule above, prepare the journal entry to record the issuance of the bonds on January 1, 2014. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount Is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit January 1, 2014 fe) On the basis of the schedule above, prepare the journal entry to reflect the bond transactions and accruals for 2014. (Interest is paid January 13 ( no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are outomatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date December 31 2014 (1) On the basis of the schedule above, prepare the Journal entries to reflect the bond transactions and accruals for 2021. Shamrock Corporation does not use reversing entries. Of no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit Step by Step Solution
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