Business, 16.04.2020 16:02 osiharprasad4061
Amortize Premium by Interest Method Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Year 1, Shunda Corporation issued $22,000,000 of five-year, 9% bonds at a market (effective) interest rate of 7%, receiving cash of $23,829,684. Interest is payable semiannually. Shunda Corporation’s fiscal year begins on January 1. The company uses the interest method.
Journalize the entries to record the following:1. Sale of the bonds.
2. First semiannual interest payment, including amortization of premium.
Answers: 1
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