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Prepare a effective interest amortization table for the bond

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Reference no: EM132758509

On May 1, 2021, Carla Vista Corp. issued $875,000 of 5-year, 8% bonds at 98. The bonds pay interest annually on May 1. Carla Vista's year-end is April 30.

Problem 1. Record the issue of the bonds on May 1, 2021.

Problem 2. Calculate the effective rate of the bonds

Problem 3. Prepare a effective interest amortization table for this bond.

Problem 4. Record the accrual of interest on April 30, 2022

Problem 5. Record the interest payment on May 1, 2022.

Problem 6. Assume that on May 1, 2022, after payment of the interest, Carla Vista redeems all of the bonds at 104. Record the redemption of the bonds.

Reference no: EM132758509

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