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On January 2 2020. Sorley Industries Inc. issued $4.700,000 of 6.5 percent. 5-year bonds when...

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Accounting

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On January 2 2020. Sorley Industries Inc. issued $4.700,000 of 6.5 percent. 5-year bonds when the market interest rate was 8 percent. Sorley Industries pays interes annually on December 31. The issue price of the bonds was $4,418,514 Required Prepare a schedule to amortize the discount on these bonds. Use the effective-interest method of amortization. Prepare the schedule below to amortize the bonds (The discount amortization for 2024 may need to be altered slightly in order for the discount balance and bond carrying amount to be correct. This is due to rounding. Round all amounts to the nearest whole dollar. If an account balance is zero, please enter "0".) A B D F 6.5% E Unamortized Discount Balance 8% Interest Expense Interest Payment Discount Amortization Bond arrying Amount Date Jan 2. 2020 Dec 31, 2020 Dec 31, 2021 50

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