Metlock Company sells 10% bonds having a maturity value of $1,410,000 for $1,308,350. The bonds...
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Metlock Company sells 10% bonds having a maturity value of $1,410,000 for $1,308,350. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Discount Amortization Straight-Line Method Interest Discount Expense Amortized Cash Paid Carrying Amount of Bonds Year Jan. 1, 2020 1,308,350 141,000 - LLLLLLLLLLLLLLLLLLLLLLLL LLLLLLLLLLLLLLLLLLLLLLLL Jan. 1, 2020 Jan. 1, 2021 Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 141,000 141,000 141.0001 LLLLLLLLLLLLLLLLLLLLLLLLL *-*-*---* IIIIIIIIIIIIIIIIIIIIIIIIII HUUUUUUUUUUUUUUUUUU 141,000 LM TO TEYT
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