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Determine the carrying amount of the bond at the end

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Reference no: EM132742700

Problem - Bonds Issued at a Discount - On January 1, the first day of the fiscal year, Nickson Company issues a $1,000,000, 6%, five-year bond, receiving cash of $936,420. The bond pays interest semiannually on June 30 and December 31, and is amortized semiannually using the straight-line method.

Required -

a. Journalize the issuance of the bond on January 1.

b. Journalize the semiannual interest payments on June 30 and December 31 of the first year. The bond discount amortization is combined with the semiannual interest payment.

c. Determine the carrying amount of the bond at the end of the first year.

Reference no: EM132742700

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