Question: ACC207 Principles 2 Chapter 10 Homework Problem 2 Name Control Combos Inc. issued $1,000,000 in 20 year bonds at 95. 1. How much money did

ACC207 Principles 2 Chapter 10 Homework Problem 2 Name Control Combos Inc. issued $1,000,000 in 20 year bonds at 95. 1. How much money did Conrol Combos receive from the issue of the bonds? 2. Is this issued at a premium or a discount? 3. What is the total amount of the premium or discount? 4. What is the annual straight line amortization of the premium or discount? Problem 2 On January 1, 20X1, Trowell Corporation issued $700,000, 8%, 8-year bonds at 104. The bonds pay semi-annual interest on June 30 and December 31. The company uses the straight-line method of amortization and has a calendar year end Instructions Prepare all journal entries made to issue the bonds on January 1, 2017 and pays interest on June 30, 2017 and Decmber 31, 2017 Complete the amortization schedule for the first 5 years. nswer n

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