Question: ACCT 302 In-Class Bond Problem On March 1, 2017 Betts Co. issued $1,000,000 of 6% three-year bonds plus accrued interest. The bonds were date January

ACCT 302 In-Class Bond Problem On March 1, 2017 Betts Co. issued $1,000,000 of 6% three-year bonds plus accrued interest. The bonds were date January 1, 2017 and pay semi-annual interest on January 1 and July 1 . The market rate of interest is 4%. On February 1, 2019, Betts Co. retired $700,000 of the bonds at 98. The remaining bonds were retired at maturity date. Betts Co. uses the effective interest method. Required: Make all journal entries for the life of the bonds. What is the amount of the unamortized premium or discount on January 1,2019

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