On June 1, 201X, Leffer Corporation issued $300,000 of 10%, 5- year bonds for $324,465, yielding a
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On June 1, 201X, Leffer Corporation issued $300,000 of 10%, 5- year bonds for $324,465, yielding a market rate of 8%. Interest is paid on December 1 and June 1. Leffer Corporation uses the interest method to amortize the premium.
1. Prepare an amortization schedule for the first three semiannual periods.
2. Prepare journal entries to record the following:
a. Bond issue on June 1.
b. Semiannual interest payment and amortization of premium on December 1.
c. The year-end adjusting entry to record expense and premium amortization.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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