On January 1, 2021, a company issues 3-year bonds with a face value of $160,000...
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Accounting
On January 1, 2021, a company issues 3-year bonds with a face value of $160,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $168,714 for the bonds. Required: Fill in the table assuming the company uses effective-interest bond amortization
01/01/2021 12/31/2021 12/31/2022 12/31/2023
cash paid
interest expense
amortized premium
bonds payable
premium on bonds payable
carrying value
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