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Morrison Company issued $219,000 of 10-year, 8% bonds at 94...

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Accounting

Morrison Company issued $219,000 of 10-year, 8% bonds at 94 on July 1, Year 1. Interest is payable semiannually on and July 1. The company uses straight-line amortization for premium or discount on bonds payable. Required: a. What amount of interest expense will be shown on the Year 1 and Year 2 income statements? b. What amount of interest payments will be shown on the statement of cash flows for Year 1 and Year 2? Complete this question by entering your answers in the tabs below. W Required A Required B What amount of interest expense will be shown on the Year 1 and Year 2 income statements? Interest expense Year 1 Year 2 Required A Drow 26 16 Required B > Help Save & Next

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