Business, 28.05.2021 14:00 ciel8809

On January 1, 2020, Crane Company purchased 12% bonds having a maturity value of $430,000, for $462,600.36. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Crane Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. 1. Prepare the journal entry at the date of the bond purchase.
2. Prepare a bond amortization schedule.

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On January 1, 2020, Crane Company purchased 12% bonds having a maturity value of $430,000, for $462,...

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