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Swifty Company sells 9% bonds having a maturity value of $1,550,000 for $1,382,384. The bonds are dated January 1, 2017, and mature January 1, 2022.
Swifty Company sells 9% bonds having a maturity value of $1,550,000 for $1,382,384. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1 Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548. Schedule of Discount Amortizationn Straight-Line Method Cash Paid Carrying Amount of Bonds Interest Expense Discount Amortized Year 173,023 Jan. 1, 2017 Jan. 1, 2018 Jan. 1, 2019 Jan. 1, 2020 Jan. 1, 2021 Jan. 1, 2022 139,500 139,500 139,500 139,500 139,500 139,500 33523 1,382,384 1,415,907 1,449,430 1,482,954 1,516,477 1,550,000 173,023 173,023 173,023 173,023 173,023 33523 33523 33523 33523 33523
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