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Prepare schedule of interest expense and bond amortization

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Reference no: EM132522545

On January 1, 2020, Teal Mountain Inc. sold 10% bonds having a maturity value of $860,000 for $893,450, which provides the bondholders with a 9% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method.

Question 1: Prepare the journal entry at the date of issue.

Question 2: Prepare schedule of interest expense and bond amortization for 2020 through 2023

Question 3: Prepare the journal entries to record the interest payment and the amortization for 2020

Question 4: Prepare the journal entries to record the interest payment and the amortization for 2022.

Reference no: EM132522545

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