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Calculate the premium or discount on the bonds

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Reference no: EM132823115

Question - On July 1, 2020, X Company issued bonds with a face value of $5,185,000 due in 5 years at 6% payable semi-annually on January 1st. and July 1st each year. The bonds were issued to yield 4% annually. X uses the effective interest rate method of bond amortization:-

Calculate the premium or discount on the bonds.

Prepare the bond amortization table to July 1, 2023.

Prepare the journal entr7 to record the issue of the bonds at the date of issue.

Prepare the accrual entry at January 1st. 2023.

Reference no: EM132823115

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