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The following major transactions pertain to the long-term bonds of Renn Co. On April 1, year 1, Renn issued $900,000, 9% bonds initially dated January
The following major transactions pertain to the long-term bonds of Renn Co. On April 1, year 1, Renn issued $900,000, 9% bonds initially dated January 1, year 1, for $958,163, including accrued interest to yield 8%. Interest is payable annually on December 31. On July 1, year 3, Renn retired $270,000 of the bonds at 102 plus accrued interest. Renn uses effective-interest amortization.
Prepare an amortization schedule for the bonds until December 31, year 3.
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