Question: Correction in question - the bond issue price assuming a market interest rate of 7% on the date of issue and the company should received

Correction in question - "the bond issue price assuming a market

Correction in question - "the bond issue price assuming a market interest rate of 7% on the date of issue and the company should received "$624,949.82" instead

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On Oct 1, 2020, JetCom Inventors Inc. issued a $600,000, 8%, five-year bond. Interest is to be paid semiannually beginning April 1, 2021. The bond issue price assuming a market interest rate of 7% on the date of issue and the company received $778,613 Required: A. Record the following entries: Issuance of the bonds on Oct 1, 2020 Year end adjusting entry on December 31, 2020 Payment of interest on April 1, 2021 . . B. Using the effective interest method, prepare an amortization schedule

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