Cornerstone Exercise 9-31 Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $300,000 in...
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Cornerstone Exercise 9-31 Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $300,000 in 5% bonds (payable on December 31, 2029) on January 1, 2020, for $257,363. Interest is paid on June 30 and December 31. The market rate of interest is 7%. Required: Prepare the amortization table through December 31, 2021, using the effective interest rate method. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0". If required, round your answers to the nearest whole dollar. Sicily Corporation Amortization Table Period Cash Payment (Credit) Interest Expense (Debit) Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance Carrying Value At issue $ 6/30/20 12/31/20 6/30/21 12/31/21
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