please answer asap On January 1,201, McVay Corporation issued $15...
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On January 1,201, McVay Corporation issued $15 million of 10 -year bonds with an 8% stated interest rate. The bonds pay interest annually on December 31 of each year. The market rate of interest on January 1,201 for bonds of this type was 10%. McVay closes its books on December 31 . The bond price is $13 million. Required: Using the effective interest method, prepare an amortization schedule showing interest expense, discount or premium amortization, ending bond discount/premium balance, beginning and ending bond carrying value for the first year
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