1. On January 1, 2021, Upham Company issued 5-year bonds with a face value of...
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1. On January 1, 2021, Upham Company issued 5-year bonds with a face value of $50,000. The stated interest rate on the bonds is 9%. Interest is to be paid semi-annually beginning July 1, 2021. The effective interest rate is 12%. Upham received $44,480 when the bonds were issued. a. Prepare a bond amortization schedule for the bonds. Use Excel to prepare your schedule. Upload your Excel file along with your Word file when you have completed this exercise. b. What is the carrying amount of the bonds that will be reported on the balance sheet as of December 31, 2021? c. Prepare all journal entries related to the bonds that should be prepared in 2021 and 2022
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