Question 1 Not yet answered Bond amortization schedule and journal entries On March 1, 2020,...
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Question 1 Not yet answered Bond amortization schedule and journal entries On March 1, 2020, Blue Company issues a $1,000,000 10-year 5% bond. The market rate of interest is 6%. As the market rate is higher than the bond rate, the bonds issue at a discount. The bond quote is 92.561. The bonds pay interest semi-annually March 1 and September 1. The Company's fiscal year end is December 31. Not graded P Flag question Required: a) Prepare a bond amortization schedule for the issuance and the first two interest periods. b) Record the journal entry required on: i. The first interest payment (September 1, 2020) ii. The company's fiscal year-end (December 31, 2020) iii. The second interest payment (March 1, 2021)
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