Also include Balance sheet and Income Statement Glimmer Pools purchased $50,000 of 7%...
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Accounting
Also include Balance sheet and Income Statement
Glimmer Pools purchased $50,000 of 7% AKL bonds on January 1, 2018, at a price of 104.2 when the market rate of interest was 6%. Glimmer intends to hold the bonds until their maturity date of January 1, 2023. The bonds pay interest semiannually on each January 1 and July 1. Calculate the amount of premium amortization (using the straight-line amortization method) on July 1, 2018, and record the related journal entries. What is the total interest revenue for the first six months of 2018? Calculate the amount of premium amortization (using the straight-line amortization method) on July 1, 2018, and record the related journal entries. First, record the entry for the interest receivable at July 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Jul Accumulated Amortization Amortization Expense Cash Held-to-Maturity Investment in Bonds Interest Receivable Interest Revenue
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