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Goal Sports Ltd. is authorized to issue $3,200,000 of 10%, 10-Year bond payable. On December 31, 20X0, when the market interest is 12%, the company issues $2,500,000 of the bonds. Goal Sports Ltd amortizes bond discounts by the effective-interest method. The semi-annual interest dates are june 30 and December 31

Requirements:

1.Prepare a bond amortization table for the first four semi-annual interest periods

2. Record issuance of the bonds payable on December 31, 20X0, the first semi-annual interest payment on June 30, 20X1, and the second payment on December 31, 20X1

Answer rating: 100% (QA)

Notes Issue Value Coupon rate Interest Period Period Half years Market Interest ... View the full answer