Question: Golden Coast Beach Resorts issued 1 000 000 11 10 year bonds on
Golden Coast Beach Resorts issued $1,000,000, 11%, 10-year bonds on June 30, 2009, when the market rate of interest was 10%. Proceeds from the bond issue were approximately $1,061,445.67. Interest is payable annually on June 30. Golden Coast uses the effective interest method to amortize bond premiums and discounts. Prepare an amortization schedule for the life of the bonds.
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