Question: E 1 5 . 1 0 ( LO 3 ) AP Korman Company issued $ 8 0 0 , 0 0 0 of 7 %

E15.10(LO3) AP Korman Company issued $800,000 of 7%,5-year bonds on January 1,2024. The bonds pay interest annually.
Instructions
a. Assuming the market interest rate on January 1,2024, was 8%, calculate the bond's issue price.
b. Prepare an effective-interest amortization table for this bond.
c. Prepare the entry for the first interest payment. Ignore any year end adjusting entry.
E15.10(LO3) AP Korman Company issued $800,000 of 7%,5-year bonds on January

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