On January 1,2024, the Ryder Company issued $480,000(face value) of eight-year bonds at $540,294 to...
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Accounting
On January the Ryder Company issued $face value of eightyear bonds at $ to yield an effective annual interest rate of The stated face annual interest rate is and interest will be paid semiannually on June and December The Ryder Company uses the effective interest method to amortize bond discounts or premiums.
Required:
a Prepare the journal entryies to record the issuance of the bonds on January
b Prepare a bond premium amortization schedule for the first years of the bond life using the effective interest method.
c Prepare journal entries required on June and December
d On January the company redeemed all $face value of the bonds at $ Prepare the journal entries to record the bond redemption.
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