Concord Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on...

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Concord Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to O decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cari Amo Cash Interest Date Paid Expense Bo 3/1/20 $ 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 3/1/23 9/1/23 $ $ Discount Amortized $ Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 3/1/21 3/1/20 Concord Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to O decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cari Amo Cash Interest Date Paid Expense Bo 3/1/20 $ 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 3/1/23 9/1/23 $ $ Discount Amortized $ Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 3/1/21 3/1/20

Answer rating: 100% (QA)

Interest expense Cash interest Amortization of discount Unamortized discount Carrying value of bonds Mar 1 2020 55489 441511 Sept 1 2020 26491 19880 6... View the full answer