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, 2021.

c. Record the adjusting entry on December 31, 2021.

d. Record the interest payment on January 1, 2022.

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Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Feb 20, 2020 12:18 PM

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

Question:

Bond Semi-Annual Interest Period Interest Payment Jan. 1, 2021 July 1, 2021 Jan. 1, 2022 July 1, 2022 Interest Expense Amortization Amortized Cost $286,872 288,044 289,245 290,476 $6,000 6,000 6,000 $7,172 7,201 7,231 $1,172 1,201 1,231

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

Accounting Principles Volume 2

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