LOCK CORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Expense to Be Discount Amortization Recorded Unamortized Discount Bond Carrying Value 119,969 1,510,031 $ 90,602 9,102 110,867 1,519,133 91,148 9,648 101,219 1,528,781 91,727 10,227 90,992 1,539,008 LOCK CORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments, Annual Interest Expense to Be Interest Periods Interest to Be Paid Discount Amortization Recorded Issue date 1 $ 81,500 $ 90,602 $ 9,102 2 81,500 91.148 9,648 3 81,500 91.727 10,227 $ Unamortized D
LOCK CORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Expense to Be Discount Amortization Recorded Unamortized Discount Bond Carrying Value 119,969 1,510,031 $ 90,602 9,102 110,867 1,519,133 91,148 9,648 101,219 1,528,781 91,727 10,227 90,992 1,539,008 LOCK CORPORATION Bond Discount Amortization Effective-Interest Method-Annual Interest Payments, Annual Interest Expense to Be Interest Periods Interest to Be Paid Discount Amortization Recorded Issue date 1 $ 81,500 $ 90,602 $ 9,102 2 81,500 91.148 9,648 3 81,500 91.727 10,227 $ Unamortized D
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 35CE
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Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31,2022
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