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On June 30, , the market interest rate is %. Corporation issues of %, -year...

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Question

Accounting

On June 30, , the market interest rate is %. Corporation issues of %, -year bonds payable. The bonds pay interest on June 30 and December 31. The company amortizes bond premium using the effective-interest method.

Requirements

1.

 Use the PV function in

Excel

to calculate the issue price of the bonds.

2.

Prepare a bond amortization table for the first four semiannual interest periods.

3.

 Record the issuance of bonds payable on June 30,

2018;

the payment of interest on December 31,

2018;

and the payment of interest on June 30,

2019.

Answer & Explanation Solved by verified expert
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