Beaver Inc. has issued two types of debt on January 1, 2012, the start of the company's
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1) $20 Million par of 10 year, zero-coupon bonds at a price to yield 12% per year. 2) $10 million, 10-year, 10% unsecured bonds, interest payable semi-annually on July 1 and January 1 to yield 12%.
(a). Prepare Bond Amortization Schedules for both bonds using Straight-line and Effective Interest Method. (b). Prepare Journal entries for both bonds for the first three years using Effective Interest Method.
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Amortization of Discount under Effective Interest rate 10 ...View the full answer
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