Business, 03.07.2020 22:01 Seaisnowblue
On January 1, 2021, Universe of Fun issues $820,000, 7% bonds that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 8%, and the bonds issue for $738,850. Interest is paid semiannually on June 30 and December 31.
Required:
Record the issuance of the bonds on January 1, the interest payments on June 30, and December 31, 2015.
Complete the first three rows of an amortization schedule.
Date Cash Paid Interest Expense Increase in carrying Value Carrying Value
01/01/21
06/30/21
12/31/21
Answers: 3
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On January 1, 2021, Universe of Fun issues $820,000, 7% bonds that mature in 20 years. The market in...
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