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Set up a schedule of interest expense

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Question - Coronado Company sells 8% bonds having a maturity value of $2,020,000 for $1,866,850. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

Required -

1. Determine the effective-interest rate.

2. Set up a schedule of interest expense and discount amortization under the effective-interest method.

Reference no: EM132570796

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