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Leigh Inc. issued $350,000, 8% bonds on August 1, 2021. Interest is payable semi-annually on...

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Accounting

Leigh Inc. issued $350,000, 8% bonds on August 1, 2021. Interest is payable semi-annually on February 1 and August 1. The bonds mature on August 1, 2025. At the time of issuance, similar bonds were trading at 9%. Leigh Inc. has a year-end of December 31.

Required:

a) Create a bond amortization schedule for the term of the bond. Round amounts to the nearest dollar.

b) Prepare all required journal entries for 2021 and 2022 (including the issuance of the bonds). Round all amounts to the nearest dollar.

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