(24 minutes) On January 1,2022, Glamour Incorporated sold 5-year, $2,400,000 bonds...
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On January Glamour Incorporated sold year, $ bonds with a coupon rate of for $The market interest rate at the time was Interest is paid semiannually on June and December Glamour Incorporated, a public company, uses the effectiveinterest method of amortization for bonds. Round your answers to the nearest dollar ie no decimals
Required:
a Prepare the journal entry to properly record the issue of the bond on January marks
b Prepare journal entries for the first two interest payments Hint: an amortization schedule using the effective interest method may be helpful Show your calculations. marks
c Show how the bonds will appear on Glamour's statement of financial position on December Note that this is two years after the date the bonds were issued. marks
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