Business, 06.03.2020 23:35 lyly214

On May 1, 2018 ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on january 1 and july 1, for $1,406,500 plus accrued interest. The bonds mature on January 1,2024. Amortization is recorded when interest is received by the straight-line method (by months and round to the nearest dollar). (Assume bonds are available for sale)Required:(a) Prepare the entry for May 1, 2018.(b) Complete the Interest Revenue Received and Bond Amortization Schedule.(c) The bonds are sold on November 1,2019 for $1,412,500 plus accrued interest. Prepare all entries required to properly record the sale.

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On May 1, 2018 ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on january 1 and...

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