FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Haley Inc. issued $350,000, 8% bonds on August 1, 2021. Interest is payable semi-annually on February 1 and August 1. The bonds mature on August 1, 2025. At the time of issuance, similar bonds were trading at 9%. Haley Inc. has a year-end of December 31.
Required:
- Create a bond amortization schedule for the term of the bond. Round amounts to the nearest dollar.
- Prepare all required
journal entries for 2021 and 2022 (including the issuance of the bonds). Round all amounts to the nearest dollar.
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