Jon Spelman, Inc. issued $1,000,000 of 12%, nine-year bonds payable on January 1,2018 . The...
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Jon Spelman, Inc. issued $1,000,000 of 12%, nine-year bonds payable on January 1,2018 . The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. (Click the icon to view Present Value of $1 table.) (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. to three decimal places. Kound all currency amounts to the nearest dollar.) Upon issuance of the bonds payable, the company received Requirement 2. Prepare an amortization table for the bond using the effective-interest method, through the first two interest payments. (Round to the nearest dollar.) Requirement 3. Journalize the issuance of the bonds on January 1, 2018, and the first and second payments of the semiannual interest amount and amortization of the bonds on June 30, 2018, and December 31, 2018. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by journalizing the issuance of the bonds on January 1, 2018. (Prepare a single compound entry.) Reference Reference
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