Business, 16.03.2022 02:30 bubblegum2850
On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the effective-interest basis.
Required:
a. Prepare the journal entry at the date of the bond issuance.
b. Prepare a schedule of interest expense and bond amortization for 2020?
Answers: 1
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On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.3...
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