A partial bond amortization schedule for Chiasson Corp. is provided below. Chiasson has a December 31 year

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A partial bond amortization schedule for Chiasson Corp. is provided below. Chiasson has a December 31 year end.

(a) Was the bond issued at a premium or discount?
(b) Record the interest payment on July 1, 2014.
(c) Record the adjusting entry on December 31, 2014.
(d) Record the interest payment on January 1, 2015

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Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 31, 2017 12:59 AM

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A partial bond amortization schedule for Chiasson Corp. is provided below. Chiasson has a December 31 year

Question:

Semi-Annual Interest Period Bond Interest PaymentInterest ExpenseAmortization Amortized Cost Jan. 1, 2014 July 1, 2014 Jan. 1, 2015 July 1, 2015 $6,000 6,000 6,000 $7,172 7,201 7,231 $1,172 1,201 1,231 $286,872 288,044 289,245 290,476

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a The bond was issued at a discount The amortization for each pe...View the full answer

Accounting Principles Part 3

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