On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a...
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Accounting
On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds:
Required 1. Complete the amortization schedule. (Enter all your values in positive. Round your final answers to nearest whole dollar amount.) Date Cash Interest Amortization Balance $44,799 January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 1,980 1,980 1,980 1,980 1,792 188 $ 44,611 $ 44,415 203 1,768 $ 44,000
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